Manufacturers to address real sector weak competitiveness at summit

The Manufacturers Association of Nigeria has stated members would be seeking solutions to problems inhibiting the manufacturing sector’s growth at its 52nd annual general meeting.

The MAN President, Francis Meshioye, at a press briefing in Lagos on Monday, said members would address key constraints that had weakened the sector’s competitiveness and limited its economic contributions.

He noted the AGM, themed ‘The Imperatives of an Intentional Development of the Nigerian Manufacturing Sector,’ which would be held from October 22 to 24, reflecting the sector’s ongoing struggles, including rising costs that have affected profitability and the survival of many manufacturing firms.

He highlighted that, despite the sector’s potential to drive job creation and economic growth, it continued to face challenges that hindered its full contribution to the country’s gross domestic product.

“Our businesses have been heavily impacted by the macroeconomic and policy environment in which we operate,” Meshioye stated.

“We need to urgently address the binding constraints that make our local products uncompetitive; otherwise, the economy may continue on a downward trend with no certainty of when it will rebound.”

He disclosed that a highlight of the AGM would be the fourth Adeola Odutola Lecture, to be delivered by the President and Chief Executive Officer of the Africa Finance Corporation, Samaila Zubairu, known for his leadership in African industrialisation and infrastructure development.

Zubairu, under whose leadership the AFC directed major investments in renewable energy and infrastructure, is expected to provide insights on how Nigeria can strengthen its manufacturing capabilities, according to MAN.

The MAN DG revealed that the association would also host a three-day made-in-Nigeria exhibition to attract more than 10,000 visitors, as part of its work to promote local manufacturing.

He added that the Director-General of the Bureau of Public Procurement, Olusegun Omotola, would open the exhibition.

He added that on October 24, MAN would host a presidential luncheon with President Bola Tinubu as the special guest of honour with senior government officials, ministers, and private sector leaders expected in attendance.

Meshioye noted that other attractions at the 52nd AGM would include a KPMG presentation on embracing sustainable finance and an awareness session on the Global Environment Facility-United Nations Industrial Development Organisation and the Industrial Energy Performance and Resource Efficient Cleaner Production project.