Stories by Merit Ibe
The Manufacturers Association of Nigeria (MAN) has called on the federal government to pool resources and strategies that will immediately nurse moribund local industries back to life, which will in turn restore the manufacturing vitality of the country.
He said the move will resonate with local and offshore investors who will see the country as a fertile ground to invest rather than a landscape for cultivating losses.
President of MAN, Francis Meshioye, made the call in Lagos during the launch of an ultra-modern O-Care Disposable Syringe factory in Amuwo Odofin, Lagos recently.
Meshioye noted that the manufacturing sector played a pivotal role in value addition, transforming raw materials into finished goods, and capturing a greater share of the value chain, lamenting that the sector has been bedevilled by significant challenges like high production costs, high energy costs, and frequent hikes in electricity tariffs.
“Inadequate transportation infrastructure and poor logistics services, low patronage of made-in-Nigeria goods, negative perception of made-in-Nigeria goods, high interest and inflation rates, among others, have made some industries go under while others were hanging on a string.
“These challenges limit our capacity to innovate, expand, create more jobs, and contribute meaningfully to the overall performance of the economy. But by developing the manufacturing capabilities and leveraging its potential, we can reduce inflation and our overdependence on imports.
“The sector also has the capacity to promote import substitution, create more jobs, boost government revenue, and stabilise the foreign exchange market.”
Meshioye said the government needs to be intentional about growing the manufacturing sector, as there is “no country considered as developed that does not give priority attention to the manufacturing sector.”
According to him, the government and its agencies should deliberately abstain from taking harmful and inconsiderate policies that lack adequate inputs of key players who would be affected.
He called for a more collaborative approach between the government and the private sector to address the challenges facing the manufacturing sector.
“It has become pertinent for government and the private sectors to work in tandem to revamp the ailing manufacturing sector, especially at this time, by exploring homegrown policy initiatives that will address peculiar challenges,” the MAN president said. He emphasised the need to mobilise local resources and, more importantly, take deliberate steps to overcome the binding constraints that confront the productive sector, explaining that this has to be through frank conversations, effective collaboration, and bold decisions that radically depart from the norm.
“The nation’s economic recovery is highly dependent on the deployment of policy stimulus supported by a synthesis of domestic growth, export-focused, and offensive trade strategies.
“This will promote resilience, steady growth, and ensure that the sector gains meaningful traction going forward,” he added.
Director General, MAN, Segun Ajayi-Kadir, urged the federal government to prioritise revitalising the nation’s struggling industries, rather than focusing solely on attracting foreign investment.
To him, growing the domestic economy should be a key priority, with support for local companies and improvements to the business environment being critical.
He stressed that this approach would better position Nigeria to strengthen its economic foundation.
Ajayi-Kadir implored the government to ensure that the ongoing tax reforms, which focus on fiscal policy and tax systems, are based on data-driven insights to ensure effective policymaking.
The MAN boss called for a more strategic approach to national reforms, stating that Nigeria must act quickly to “determine how we dimension our reforms” in order to secure sustainable economic growth.
“To reposition the sector on the path of growth, it is essential that the government addresses the challenges mitigating the performance of the sector.
“Government must ensure sound foreign exchange management and stability, encourage export diversification, and promote exports of manufactured products.
“Government must develop strategies to reduce dependence on imported raw materials by promoting local sourcing and import substitution, stimulate consumer demand, and promote ‘Buy Made-in-Nigeria’ campaigns,” he said.
Ajayi-Kadir also stressed the need to address high borrowing costs for manufacturers, improve electricity supply, improve security and the operating environment, and streamline regulatory processes.
He tasked the newly inaugurated Industrial Revolution Work Group (IRWG) to work towards reviving over 700 industries shut down in the country due to the economic crisis.
Recall that MAN had released a figure of 732 industries so far shut down over a long period and expressed hope that the IRWG would take steps to revive them.
“What is important now is to wake up those industries, rather than lamenting over their shutdown, and ensure that the surviving ones do not go the same way.”
He said the IRWG would enable the public and private sector players to collaborate towards removing constraints that limit the performance of the manufacturing sector.
Earlier in his contribution, the Minister of State for Industry, Federal Ministry of Industry, Trade and Investment, Senator John Enoh, pledged that President Bola Ahmed Tinubu’s administration would provide the necessary support and incentives to address the numerous challenges facing key industries in Nigeria in order to unleash the industrial revolution drive of the Tinubu administration.
Enoh said the Ministry is determined to provide the support needed for local manufacturers to thrive.
The Minister further stated that the administration, in line with its transformation blueprint, is unwavering in its commitment to reviving all ailing industries to promote made-in-Nigeria goods and services in order to grow the economy and create massive job opportunities for Nigerians.
“I have the immediate mandate to promote Made-in-Nigeria goods and services. My visit here is to assure you that if there is a government that is committed to doing that, it is the government of President Tinubu. You can see that this government has continued to show a lot of courage and energy. And that’s what this country requires now,” he said.
He revealed that the government has put in place various incentives to lessen the challenges affecting the ease of doing business and will continue to encourage those still in operation to drive their growth and expansion.
She said resilience helps employees navigate organisational politics and remain focused on their goals.
Nemieboka defined mental toughness as the ability to persist and remain determined in the face of obstacles, even when efforts go unrecognised, to achieve set objectives.