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By Merit Ibe
Economic experts at a round-table dialogue to mark the 50th anniversary of the Manufacturers Association of Nigeria (MAN) yesterday highlighted the imperative of inclusive and sustained economic transformation for development.
The round-table which was a platform for industry experts from the public and private sectors across Africa and beyond gave vent to the need to find ways of developing the continent’s industrial value chain that is less dependent on external supplies to avert the challenges experienced during the COVID-19 pandemic was themed: “Positioning African Industries for Economic Transformation and Continental Free Trade.”
The discussion also suggested ways to improve the ease of doing business in the continent and solutions from some of Africa’s foremost business magnates.
Vice President, Prof. Yemi Osinbajo, in his presentation charged governments and the private sector to pay close attention to positioning African industries for economic transformation in continental free trade.
Osinbajo, while commending MAN for remaining faithful over the years, to its mission of working with other organs of the organised private sector, government, and other stakeholders in the economy to create an enabling environment for industrial development, growth and prosperity, noted that the Association’s strong focus on advocacy has also been an important sounding board for shaping government’s industrial and commercial policies.
Osinbajo said manufacturing is key to economic transformation and has the potential for providing sustainable jobs.
Minister of Industry, Trade, and Investment, Niyi Adebayo, posited that to position Nigerian industries to lead the economic transformation in the continent, stakeholders need to work together and come up with specific measures and initiatives to improve the cost competitiveness of players in the sector. Adebayo enjoined industries to position themselves for the African economic transformation by aligning with the country’s industrialisation program, noting that the overall aim of the program is to drive job intensive growth by increasing domestic economic activities.
Director General, MAN, Segun Ajayi-Kadir, decried the low and unimpressive rate of industrialisation in Africa, “This is evidenced by low industrial capacity utilisation, meagre manufacturing activities and decrease in export of manufactured products within and outside the continent.”
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He however, noted that the situation was a cause for concern, an unpalatable trajectory and a narrative that all stakeholders need to work together to change in order to achieve inclusive and sustained economic transformation.
“To reverse this uninspiring situation, there is the need to ascertain what must be done to make industrialisation a priority and major driver of trade. This will change the narrative of de-industrialisation and dwindling export of manufactured products in the continent.”
Mansur Ahmed, President of MAN, admitted that the conversation on African industrialisation will be decidedly inconclusive without consideration of Africa’s economic relations with China, the nation which is inevitably set to become the leading industrial nation in the world.
The panel session, led by Doyin Salami, a member of the Monetary Policy Committee of the Central Bank of Nigeria, and former member of the Federal Government’s Economic Management Team, had as its first panelist, Alhaji Aliko Dangote, President, Dangote Group, who spoke on competitive edge in industrialisation across the world, stating the need to produce high quality products at the most affordable cost.
He referred to the Asian market which concentrated on its domestic products and pricing, advising that implementation of the African Continental Free Trade Area (AfCFTA) needs to be sped up, and particularly make doing business easier in Africa, in order to be competitive. He also lamented the bottlenecks at the border, exorbitant port charges, and restricted access within Africa.
Albert Muchanga, Commissioner for Economic Development, Trade, Industry and Mining for the AU; Mr Amr Kamel, the Vice President of Afreximbank; Mr Wamkele Mene, the Secretary General of the AfCFTA; Engnr Mansur Ahmed, the President of MAN and Chairman of the Pan-African Manufacturers Association; Chief Diana Chen, Vice Chair of the China-Africa Business Council; among others, had conversations around challenges that African manufacturers face, the roles of the AfCFTA in dealing with these hindrances, among other pertinent issues that border around the theme of the event.
Chairman of Choice International Group of companies, Chief Diana Chen, authorized distributor of GAC Motors in Africa, addressed the difficulty of doing business in Africa, proffered solutions, as well as encouraged Chinese business moguls to invest more in Nigeria. She highlighted China’s interest in speeding up manufacturing in Africa, and her willingness to improve digital technology in the continent.
President of the Senate, Ahmed Lawan, represented by the Senate Committee Chairman on industry, Senator Saidu Alkali, expressed his delight for the theme of the roundtable discussion, and went on to say that achieving growth in the area of industrialisation was critical for job creation, well-being of the people, and reduction in social and political tension.
Vice President of MAN, Chief John Aluya, who thanked the panelists, noted that the conversation from the roundtable will help in building a stronger, inclusive, and sustainable economy in Africa.
