The Manufacturers Association of Nigeria (MAN) has called on the federal government to be intentional in attracting investments that add real value to the economy, particularly those that directly impact and boost productivity.
Director-general of MAN Segun Ajayi-Kadir, who said this in a statement on Monday, specifically called on President Bola Tinubu to direct ministries, departments, and agencies (MDAs) to attract investment into the nation’s manufacturing sector.
He said foreign investments from “flight by night” investors would not drive the progress the country needs and deserves.
Ajayi-Kadir, while acknowledging “potency” of Tinubu’s administration, pointed out that it “epitomises the end product of a collective thinking of the government and relevant stakeholders in the private sector.”
He commended Tinubu for tasking the economic management team task force to come up with the stabilisation plan including the inauguration of the presidential economic coordinating council (PECC) to superintend its implementation.
Ajayi-Kadir, however, said a plan is only as good as its execution, stressing the need for diligent, unrelenting, and focused implementation to achieve the desired objectives.
“The relevant structure of government needs to be activated and charged to put speed to action, with consequences for non-delivery within set timelines,” he added.
The MAN boss said the economic stabilisation plan is timely and could help restore confidence in the government and economy if implemented effectively.
He said it will also engender trust in government’s capacity to attract new investors and retain the existing ones, both local and international.
Ajayi-Kadir said the recent commitment of Coca-Cola to invest $1 billion in the Nigerian economy is a promising sign and an expression of confidence in the Tinubu administration’s stabilisation plan.
The MAN DG, however, said the full and timely implementation of the plan is key to unlocking its full potential, noting that sustained growth and investor confidence depend on the complete rollout of the policy.
Ajayi-Kadir urged the government to remain steadfast in its efforts, stressing that only the full implementation of the agenda for shared prosperity (ASSP) and supporting policies can Nigeria fully unlock the potentials of existing investors and achieve the desired surge in FDI.
This, he said, would lead to the revitalisation of the manufacturing sector and foster long-term economic growth.
