Attract foreign investments that boost productivity, MAN urges FG

The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to focus on attracting foreign investments aimed at boosting local productivity, even as it acknowledged that the early results of the government’s Accelerated Stabilization and Advancement Plan (ASAP) is encouraging.

In a statement, Director General of MAN, Segun Ajayi-Kadir, commended President Bola Tinubu for tasking the Economic Management Team Task Force to come out with the plan, but admonished that a plan in itself, does not deliver, noting that it requires diligent, unrelenting and focused implementation to achieve the desired objectives.

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According to him, 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 timeous, and effective implementation will be a good starting point to restore confidence in governance and the economy. It will also engender trust in the government’s capacity to attract new investors and retain the existing ones, both local and international.

“The president should give specific directives to the relevant government ministries, departments and agencies (MDAs) to attract investment into the manufacturing sector. The “flight by night” foreign investors will not achieve the level of progress we seek, need and deserve.” He said.

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 stabilisation plan, adding however, that full and timely implementation of the plan is key to unlocking its full potential.

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

“As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan.

“The Coca-Cola’s $1 billion commitment must have been predicated on the belief that specific aspects of ASAP would be fully implemented and sustained,” he added.