Manufacturers Task New Administration On Favourable Policies

The Manufacturers Association of Nigeria (MAN) has tasked the incoming government on favourable policies to accelerate the economic development of Nigeria, particularly, the manufacturing sector.

Director-general of MAN, Segun Ajayi-Kadir said: “the assumption is that the new government will move swiftly to fulfill those promises they made and thereby justify the confidence reposed by the electorate. This is the essence of the social contract and in a democratic society, the government is expected to be accountable to the people and deliver on the promises made.”

According to Ajayi-Kadir, “our expectations, as manufacturers, are coming against the backdrop of a reduction in the Manufacturers CEO Confidence Index (MCCI) in the last quarter of 2022.

“We observe diffusing factors like current business conditions and business conditions for the next three months; current employment conditions and employment conditions for the next three months; and current production levels and production levels for the next three months. In the latest survey for the fourth quarter of 2022, the aggregate index score declined from 55.4 points in Q3 2022 to 55.0 in Q4 2022. This shows that CEOs of manufacturing industries have less confidence in the economy.”

MAN DG noted that, the overarching priorities are security and the economy, saying, “I think that there should be a realisation that the economy is in a parlous state and needs a quick rejig. We need to reset our priorities and stop the haemorrhage.”

RELATED

Consumers Paid N21,010 For 12.5kg Cooking Gas In June – NBS

19 hours ago

Insurers To Recapitalise as Tinubu Signs Insurance Reform Bill Into Law

19 hours ago

He added that, there is also the evident inadequacy of needed infrastructure and the myriad of macroeconomic challenges that has constituted binding constraints to the performance of the economy, adding that, with this background, the new government should not be under any illusion about the need to stop the drift and hit the ground.

Ajayi-Kadir suggested that the incoming president, when sworn in, should set specific deliverables to be accomplished within the first 100 days in office.

He urged him to permanently resolve the lingering difficulties with the currency transition if it has not been completely addressed by the outgoing government; direct the CBN and ensure that it complies with the prioritisation of foreign exchange to the productive sector, particularly, to manufacturers to import raw materials, spares, and machinery that are not locally available; and direct the NERC to admit all qualified applicant companies into the Eligible Customer Scheme in order to allow them access to power as stipulated in the Electric Power Sector Reform Act 2005.

He also added that, direct all relevant agencies of government to ensure that the electronic call-up system at ports aimed at redressing the congestion works without fail; ensure that the Finance Bill 2022, if not assented to before the transition, includes the critical inputs of the organized private sector; and take a definite stand by ordering the removal of fuel subsidy.

According to him, the new government should direct all ministries, departments, and agencies of government to unfailingly comply with Executive Order 003 on the patronage of made-in-Nigeria products.

“The association is desirous to see all recommendations implemented by the new administration. We believe that if the prosperity of Nigeria is paramount, then the productive sector should be given maximum priority for the general good of all in terms of wealth and job creation for the nation,” he pointed out.