The Manufacturers Association of Nigeria (MAN) has urged the federal government to prioritize attracting foreign investments that enhance local productivity. This call comes as the association acknowledged the initial positive outcomes of the government’s Accelerated Stabilization and Advancement Plan (ASAP).
In a recent statement, Segun Ajayi-Kadir, Director General of MAN, praised President Bola Tinubu for assigning the Economic Management Team Task Force to develop the plan. However, he cautioned that simply having a plan is insufficient; diligent and focused implementation is essential for achieving its objectives.
Ajayi-Kadir emphasized the need for government structures to be activated and held accountable for delivering results within set timelines. He stated, “Given the downturn in the economy, the stabilization plan is timely, and effective implementation will be a critical starting point to restore confidence in both governance and the economy. It will also foster trust in the government’s ability to attract and retain new investors, both local and international.”
He recommended that the president issue specific directives to relevant ministries, departments, and agencies (MDAs) to facilitate investment in the manufacturing sector. Ajayi-Kadir pointed out that transient foreign investors would not lead to the level of progress that Nigeria seeks and deserves.
Highlighting recent developments, he noted Coca-Cola’s commitment to invest $1 billion in Nigeria as a promising sign of confidence in the stabilization plan. However, he stressed that timely and complete execution of the plan is crucial for unlocking its full potential.
“The early results of this plan are encouraging, but its full execution is vital for ensuring sustained economic growth,” he added. As advocates for Nigeria’s manufacturing sector, Ajayi-Kadir urged the government to maintain momentum and fully implement ASAP, stating that Coca-Cola’s investment reflects the belief that specific aspects of the plan will be effectively executed and maintained.
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