MAN applauds results of govt stabilisation plan as Coca-Cola pledges $1b investment

The Manufacturers Association of Nigeria (MAN) has acknowledged the potential of President Bola Tinubu’s Accelerated Stabilisation and Advancement Plan (ASAP), describing it as the result of collective thinking between the government and key private sector stakeholders.

The Director General of MAN, Segun Ajayi-Kadir, commended the President for directing the Economic Management Team Task Force to develop the plan and for inaugurating the Presidential Economic Coordinating Council to oversee its implementation.

Ajayi-Kadir emphasised that a plan, by itself, does not guarantee success; it requires diligent, persistent, and focused implementation to achieve the desired outcomes.

He stressed the need for relevant government structures to be activated and empowered to act swiftly, with consequences for failure to meet set deadlines.

The MAN DG noted that, given the current economic downturn, the stabilisation plan is timely, adding that the effective implementation would be a crucial starting point to restore confidence in governance and the economy.

Ajayi-Kadir further explained that successful execution of the plan would foster trust in the government’s ability to attract new investors and retain existing ones, both locally and internationally.

While acknowledging the importance of foreign direct investment, Ajayi-Kadir emphasised the need for the government to focus on attracting investments that add real value to the economy, particularly those that directly enhance productivity.

“The President should issue specific directives to relevant government ministries, departments, and agencies to prioritize attracting investment into the manufacturing sector. The ‘fly-by-night’ foreign investors will not bring the level of progress we seek, need, and deserve,” he stated.

Ajayi-Kadir pointed to Coca-Cola’s recent commitment to investing $1 billion in Nigeria as a promising sign of confidence in the Tinubu administration.

However, he stressed that full and timely implementation of the ASAP is essential to unlocking the plan’s full potential.

He added that sustained economic growth and investor confidence depend on the comprehensive rollout of the plan.

“The early results of this plan are encouraging, but its full execution is crucial to ensure lasting economic growth.

As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan. The Coca-Cola System’s $1 billion commitment was likely based on the expectation that specific elements of the ASAP would be fully implemented and sustained,” Ajayi-Kadir stated.

He acknowledged that the Coordinating Minister of the Economy has demonstrated the government’s commitment to the plan, but called for further decisive and well-coordinated action.

This, according to him, is to ensure that investments like Coca-Cola’s, and others to follow, translate into broader economic gains under President Tinubu’s administration.

Ajayi-Kadir also urged the government to remain steadfast, stressing that only the full implementation of the ASAP, along with complementary policies, will enable Nigeria to realise the full potential of existing investors and experience the desired surge in Foreign Direct Investment (FDI), resulting in the revitalisation of the manufacturing sector for long-term growth.