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..As Buhari, Saraki, Dangote grace AGM
By Bimbola Oyesola
Expectation of an early reprieve for Nigeria’s embattled economy was yesterday laid to rest as the Manufacturer Association of Nigeria (MAN), said the country’s chances of coming out of current recession before the end of the first Quarter of 2017 was slim.
According to MAN those forecasting that the country would be out of the wood by December, this year must probably be chasing shadow.
The President of MAN, Frank Jacobs, who spoke at a press briefing in Lagos yesterday on the association’s annual lecture holding during its Annual General Meeting (AGM) tomorrow, said in view of the reality of economic circumstances and prevailing economic policies, the earliest probable period the economy can be revived would be after March next year.
He lamented that discordant tunes from government and its agencies such as Central Bank of Nigeria (CBN) have been stalling efforts from the manufacturing sectors to contribute its quota towards the restoration of the economy.
“The situation is really bad and it takes a lot to come out. We’ve often drawn the attention of the Federal Government to the fact that without a viable manufacturing sector, the country is going no where. The recession is deep rooted, those who say we can come out by December must be deceiving themselves”, he said.
Even at that the MAN President emphasised that coming out at the end of the first quarter of 2017, would only be possible if the Federal Government can sell parts of the shares and equities of its core companies to make them private driven and profitable like the NLNG, improve on the infrastructure, pump money into the system, and put policies in place that will arouse the interest of both local and foreign investors.
He noted that the annual lecture of the association theme, “Diversifying the economy: The role of government in manufacturing” was aimed at presenting a vivid picture of the current realities of citing or operating a business concern, especially manufacturing in Nigeria, showcase novel innovations and Made-in-Nigeria products as well as collectively agree on workable survival strategies.
Jacobs said President Muhammad Buhari, Senate President, Dr. Abubakar Bukola Saraki would be present as the special guest of honour and guest of honour respectively, while Alhaji Aliko Dangote would be the guest speaker.
He said, “The truth is, our economy is currently challenged and MAN believes that with concerted efforts from all stakeholders we shall overcome the current economic challenges. We are hopeful, that government would continue to adopt home grown policies and strategies that have the capacity to offer required economic fillip to the manufacturing sector. MAN is once again using this medium to assure President Muhammad Buhari, that the association as always, is open for further engagement.”
He reasoned that government does not need to sell off the assets as being proposed, but sell part of its shares in those companies that it has total control and allow it to be driven by private sector.
“Most foreign investors lost interest in the country and that is why there is shortage of forex, but if selling the shares is the way out to shore up then we are in support that Nigeria government should sell its shares to raise money for foreign reserve”, he said.
