Manufacturers Call For Urgent Intervention To Salvage Sector

Manufacturers have called on the government and policy makers on the need to be intentional about growing the manufacturing sector.
The president of Manufacturers Association of Nigeria (MAN), Francis Meshioye stated this at the 2024 edition of the MAN reporter of the year award/presidential media luncheon held in Lagos.
Meshioye said, there is no country considered as developed that does not give priority attention to the manufacturing sector.

He stressed that, there is no gainsaying the fact that manufacturing is pivotal to galvanising and sustaining the economic growth and development of Nigeria, saying the government needs to come to the realisation that a win for the manufacturing sector is a win for the economy and by extension a better life of the citizenry.
According to him, the government and its agencies should deliberately abstain from taking harmful and inconsiderate policies that lack adequate inputs of key players that would be affected.
He cited examples of the ban placed on single-use plastics and Styrofoam packs by Lagos State Government and NAFDAC , in similar fashion placed a ban on alcoholic beverages in pet bottles and sachet below 200ml, saying, the negative impact of these policies on the manufacturing industries affected as well as the huge number of workers whose jobs are on the line cannot be overemphasised.
“Additionally, it has become pertinent for government and the private sectors to work in tandem to revamp the ailing manufacturing sector, especially at this time, by exploring home grown policy initiatives that will address peculiar challenges,” he said.

He emphasised that there is a need to mobilise our local resources and more importantly, take deliberate steps to overcome the binding constraints that confront the productive sector, explaining that this has to be through frank conversations, effective collaboration and bold decisions that radically depart from the norm.
MAN president noted that the nation’s economic recovery is highly dependent on the deployment of policy stimulus supported with a synthesis of domestic growth, export focused and offensive trade strategies.
‘This will promote resilience, steady growth and ensure that the sector gains meaningful traction going forward,’ he added.

To improve the sector in the year, Meshioye called for expending cost saving from fuel subsidy to deploy a bouquet of production focused policies; overhauling the power sector and incentive investment in renewables to boost electricity generation and promote energy-cost efficiency: giving priority to patronage of made-in-Nigeria product; encouraging of local sourcing of raw materials; managing the floating exchange rate system; prioritising forex and credit allocation to the manufacturers; encouraging inflow of foreign direct investment into pre-determined and domestic production-enhancing businesses; among others.