Manufacturers back government stabilisation plan

The Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, has recognised the effectiveness of the Accelerated Stabilisation and Advancement Plan of the Federal Government, stating that it represents the outcome of collaborative efforts between the government and key private sector stakeholders.

In a statement issued by MAN, Ajayi-Kadir commended President Bola Tinubu for tasking his economic management team 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. It requires diligent, unrelenting, and focused implementation to achieve the desired objectives.

Ajayi-Kadir said, “The relevant structure of government needs to be activated and charged to put speed to action, with consequences for non-delivery within set timelines.

“With the downturn in the economy, the stabilisation plan is timely, and effective implementation will be a good starting point to restore confidence in governance and the economy.”

He added that It will also engender trust in the government’s capacity to attract new investors and retain the existing ones, both local and international.

While recognizing the importance of attracting foreign direct investment, the MAN president pointed out that the government should be intentional in attracting investments that add real value to the economy. particularly the ones that directly impact and boost productivity.

“Mr President should give specific 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,” he declared.

Ajayi-Kadir posited that while the recent commitment of Coca-Cola to investing S1billion in the Nigerian economy is a promising sign and an expression of confidence in the Tinubu administration’s ASAP, full and timely implementation is key to unlocking its full potential.

He noted that sustained growth and investor confidence depend on the complete rollout of the plan.

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

“As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan. The Coca-Cola System’s $1bn commitment must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained.

He acknowledged that the coordinating minister of the economy has demonstrated and assured of government’s commitment to the plan.

He further mentioned that decisive and well-coordinated action were needed to ensure this kind of investment (and many more to be attracted) translates into broader economic gains under President Tinubu’s government.

Ajayi-Kadir also urged the government to remain steadfast in its efforts, stressing that only with full implementation of ASSP and complementary policies can Nigeria truly realise the full potential of existing investors and experience the desired surge in Foreign Direct Investment, with a resultant revitalization of its manufacturing sector for long-term growth.