The Manufacturers Association of Nigeria (MAN) has urged President Bola Tinubu to give a directive to the relevant Ministries, Departments and Agencies (MDAs) to attract investments into the manufacturing sector.
Speaking on the importance of attracting foreign direct investment, MAN said Tinubu’s government should be intentional in attracting investments that add real value to the economy, particularly the ones that directly impact and boost productivity.
The association said this in a statement issued by its Director General, Segun Ajayi-Kadir, on Saturday, September 21, 2024.
Ajayi-Kadir stated: “Mr President should give specific a directive to the relevant government MDAs to attract investment into the manufacturing sector, period!
“The ‘flight by night’ foreign investors will not achieve the level of progress we seek, need and deserve.”
The MAN DG further stated that while the recent commitment of Coca-Cola to investing $1 billion in the Nigerian economy is a promising sign and an expression of confidence in Tinubu administration’s Accelerated Stabilization and Advancement Plan (ASAP), full and timely implementation is key to unlocking its full potential.
He added that sustained growth and investor confidence depend on the complete rollout of the plan.
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Ajayi-Kadir said: “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 must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained.”
The MAN boss, however, commended Tinubu’s administration for the ASAP, saying the Plan epitomises the end product of collective thinking of the government and relevant stakeholders in the private sector.
Ajayi-Kadir lauded Tinubu for tasking the Economic Management Team Task Force to come out with the plan and the inauguration of the Presidential Economic Coordinating Council to superintend its implementation.
He however admonished that a plan in itself does not deliver, saying it requires diligent, unrelenting, and focused implementation to achieve the desired objectives.
Ajayi-Kadir also urged the government to remain steadfast in its efforts, stressing that only with full implementation of ASAP and complementary policies can Nigeria truly realise the full potential of existing investors and experience the desired surge in Foreign Direct Investment (FDI), with a resultant revitalisation of its manufacturing sector for long-term growth.
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