The Manufacturers Association of Nigeria (MAN) has urged the federal government to prioritize attracting foreign investments aimed at bolstering local productivity, while acknowledging the promising early results of the Accelerated Stabilization and Advancement Plan (ASAP).
In a statement, MAN’s Director General, Segun Ajayi-Kadir, commended President Bola Tinubu for assigning the Economic Management Team Task Force to devise the stabilization plan. However, he emphasized that formulating a plan alone is not enough; consistent, diligent implementation is key to achieving the desired outcomes.
“While the stabilization plan is timely given the economic downturn, its success will depend on its effective and focused implementation,” Ajayi-Kadir stated. “It is important for the relevant government bodies to be fully activated and held accountable for delivering results within specified timelines.”
He further stressed that successful implementation of the plan could help restore public confidence in governance, while also attracting and retaining both local and international investors.
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“The president should issue clear directives to ministries, departments, and agencies (MDAs) to focus on drawing investment into the manufacturing sector. Short-term or opportunistic foreign investors will not bring about the sustainable progress that Nigeria needs,” Ajayi-Kadir warned.
He highlighted Coca-Cola’s recent $1 billion investment commitment as a positive indicator of growing investor confidence in the country’s stabilization efforts. However, he noted that fully unlocking the plan’s potential would require steadfast adherence to its implementation.
“As advocates for the manufacturing sector, we urge the government to maintain the momentum and ensure the full execution of the plan. The early signs are encouraging, but the journey is far from over,” Ajayi-Kadir added.
He emphasized that investments such as Coca-Cola’s are predicated on the belief that specific aspects of the ASAP will be executed thoroughly and consistently, which will be key to long-term economic growth.
Ajayi-Kadir concluded by calling for urgency in the government’s approach, stating that speed and accountability are critical to the plan’s success.
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