President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, has again lamented the high and rising costs, as well as the harsh business environment, which he said continues to shrink profitability and is threatening the existence of many operators in what he describes as ‘a critical sector of the economy.’
More worrisome, he said, is the fact that the sector that should propel job creation, productivity, and economic growth is enmeshed in a series of challenges that constantly limit its contribution to the country’s Gross Domestic Product (GDP).
Speaking at a recent briefing held at MAN House to announce the association’s 52nd Annual General Meeting (AGM), which will be held from Tuesday, 22 to Thursday, 24 October 2024, at the Lagos Oriental Hotel, Victoria Island, Lagos, Meshioye said it is evident that a lot has happened in the economy in the last year, leaving businesses heavily impacted by the macroeconomic and policy environment in which they operate.
“We need to urgently address the binding constraints that make our local products uncompetitive; otherwise, the economy may continue on the downward trend with no certainty on when it will rebound. As an advocacy group representing more than 2,500 manufacturing industries that operate in 10 sectors and 70 sub-sectors, we have been consistent in our engagement with the government on how to navigate the rather tough economic environment,” he said.
He added that the forthcoming AGM presents an opportunity to deepen advocacy, engage with members, stakeholders, and partners to examine their performance in the last year and chart a new path forward.
Speaking on the choice of the theme for this year, “The Imperatives of an Intentional Development of the Nigerian Manufacturing Sector,” which he said was couched with a deep reflection on the growth trajectory of the manufacturing sector, he said it speaks volumes about their direction and resolve to birth a thriving manufacturing sector.
He added: “As critical stakeholders in the Nigerian economy, we’ll continue to play our role of presenting the government with policy inputs and options and partner with governments to create innovative solutions that will free the economy from its lacklustre performance and place it on the path of productivity, sustainable growth, and development.
“To speak to the imperatives of an intentional development of the manufacturing sector at the fourth Odutola Annual Lecture is the President/CEO of the Africa Finance Corporation (AFC), Samaila Zubairu.”
He revealed that the three-day Made-in-Nigeria Exhibition will kick off on Tuesday, October 22, 2024, with an opening ceremony and will be a convergence of industry players, government officials, marketers, as well as consumers to experience a new exposure to quality products made in Nigeria and ultimately attract patronage of locally manufactured goods.
“Director General of the Bureau of Public Procurement, Olusegun Omotola, will open the exhibition, just as 100 exhibitors will be showcasing their products to over 10,000 visitors. The second day will host a members-only AGM Private Session, holding simultaneously with day two of the exhibition and will feature a presentation by KPMG and an awareness session on the GEF-UNIDO & IEE RECP project. The fourth edition of the Adeola Odutola Lecture/Presidential Luncheon will be held on the final day,” he said.
Adding that the President is expected, he said they would also host ministers, heads of government departments and agencies, the Organised Private Sector (OPS), and other stakeholders.
