It was a statement based on current raw material and energy reserves, but not a statement of capability. Their resources were quite limited at the time. Remember, Neelix was trying to get Janeway to give up her replicated coffee and drink the sludge he makes in the kitchen?
They can replicate pretty much anything because its basically the exact same technology as the transporters. All they need is the 'pattern' or 'blueprint', and they come in standard resolution, and quantum-level resolution which uses far more energy. All that is required to replicate something is the replicator pattern, the resources, and the work involved in building things from parts that Starfleet protocol prevents from replicating fully constructed.
This is the thing about Star Trek that not even myself realized. They can synthesize, convert, replicate, dematerialize, construct, modulate, etc - (almost) any matter/energy pattern on the quantum level. It's just the nature of the technological advancement they're at. To put this into perspective - Star Wars never mentions shield modulation. Most fans believed it was because they have a different type of 'energy field' but it isn't. They just haven't advanced their technology to alter the energy's quantum-scale attributes. That's why they don't have replicators, holodecks, or transporters. It's also why they're still firing energy from cannons, instead of particle emitters that allow Star Trek to custom design a specific energy beam type & intensity to suit almost any occasion.