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MAN acknowledges the government’s Stabilization Plan and its early results, including the $1 billion investment pledged by Coca-Cola
The Director General of Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, acknowledged the potency of the Accelerated Stabilization and Advancement Plan (ASAP) of the Tinubu administration, saying that it epitomizes the end product of a collective thinking of the government and relevant stakeholders in the private sector.
He commended the President for tasking the Economic Management Team Task Force to come out with the plan and the inauguration of the Presidential Economic Coordinating Council to superintend its implementation. He however admonished that a plan in itself, does not deliver. It requires diligent, unrelenting and focused implementation to achieve the desired objectives. 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, he said that the stabilization 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 government’s capacity to attract new investor and retain the existing ones, both local and international.
While recognizing the importance of attracting foreign direct investment, he opined that government should be intentional in attracting investments that add real value to the economy, particularly the ones that directly impact and boost productivity. He declared that “Mr. President should give specific directive to the relevant government MDAs to attract investment into the manufacturing sector, period!” “The “flight by night” foreign investors will not achieve the level of progress we seek, need and deserve.”
Ajayi-Kadir posited that while the recent commitment of Coca-Cola to investing $1billion in the Nigerian economy is a promising sign and an expression of confidence in the Tinubu administration’s ASAP, full and timely implementation is key to unlocking its full potential. He added that sustained growth and investor confidence depend on the complete rollout of the plan.
“The early results of this plan are encouraging, but its full execution is crucial to ensure lasting economic growth,” Ajayi-Kadir stated. “As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan. The Coca-Cola System’s $1 billion commitment must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained. While acknowledging that the coordinating minister of the economy has demonstrated and assured of government’s commitment to the plan, further decisive and well-coordinated action are needed to ensure this kind of investment (and many more to be attracted) translates into broader economic gains under President Tinubu’s government.
Ajayi-Kadir also urged the government to remain steadfast in its efforts, stressing that only with full implementation of ASSP and complementary policies can Nigeria truly realize the full potentials of existing investors and experience the desired surge in Foreign Direct Investment (FDI), with a resultant revitalization of its manufacturing sector for long-term growth.
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About Manufacturers Association of Nigeria (MAN)
The Manufacturers Association of Nigeria (MAN) was established in May 1971 as a company limited by guarantee. Its goal was to be the focal point of communication and consultation between industry, the government, and the general public.
MAN promotes the interest of manufacturers by deepening its advocacy and partnership with national and international economic actors in Government, Organized Private Sector, host communities and other stakeholders to foster its proactive role in policy formulation and implementation.
MAN promotes manufacturing sector competitiveness, job creation and Gross Domestic Product through commitment to research and development, new technologies and environmental sustainability.
News
FG declares wed, Thur, Jan 1, 2025 as public holidays
Federal Government has declared Wednesday, December 25, 2024, Thursday December 26, 2024, and Wednesday January 1, 2025 as public holidays to celebrate Christmas, Boxing Day and New Year respectively.
The Minister of Interior, Dr. Olubunmi Tunji-Ojo, who made the declaration on behalf of the Federal Government extended warm greetings to all Nigerians, urging them to use the festive period to reflect on the values of love, peace, and unity that the season signifies.
In a statement, Tunji-Ojo emphasised the importance of the season as a time to
foster harmony and strengthen bonds across families and communities.
The minister also called on Nigerians to remain committed to the peace, unity and progress of the nation for national development.
“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” Tunji-Ojo, said.
He assured citizens of the Federal Government’s continued commitment to ensuring peace, security, and prosperity across the nation.
While wishing Nigerians a merry Christmas and a prosperous 2025, the minister expressed his confidence in the Renewed Hope Agenda of President Tinubu’s Administration ushering in the new year, a better and prosperous economy that will be the envy of the world.
News
Basketmouth slams filmmakers for failing to showcase Nigeria’s culture in movies
Popular comedian and filmmaker, Bright Okpocha, aka Basketmouth, has accused some of his colleagues of not showcasing Nigeria’s rich culture in their movies.
The movie star alleged that most of the epic movies released recently do not promote the country’s culture.
In an interview with Hip TV, Basketmouth claimed that the filmmakers wasted opportunities to showcase Nigeria’s culture positively.
He said, “I believe that we still have the opportunity to get it right. But we had a great opportunity to showcase our culture and most of the filmmakers blew it up. They just ruined that great chance because I see epic movies and they look like stage plays.
“When I was seeing most of the epic movies, I was disappointed.
“You guys blew up a great opportunity but let’s hope we still have another chance to strike at it.
“I’m sorry, only very few movies have impressed me so far. I believe that we can do more.”
News
Gov Abiodun commiserates with Makinde, Soludo, Wike over stampede victims
The chairman of the Southern Governors’ Forum, SGF, and Governor of Ogun State, Dapo Abiodun, has sympathised with the governments and people of Oyo, Anambra, and the Federal Capital Territory, FCT, over the tragic loss of lives resulting from recent stampedes at food palliative distribution venues in the affected areas.
The stampedes reportedly claimed the lives of approximately 65 Nigerians, while others sustained varying degrees of injury.
Abiodun expressed his sorrow in sympathy notes to Governor Seyi Makinde of Oyo State, Charles Soludo of Anambra State, and Nyesom Wike of the Federal Capital Territory, saying that the deaths of the victims were especially tragic because they were pursuing necessities for survival.
The SGF Chairman noted that the administration of President Bola Ahmed Tinubu, together with other levels of government, is still working to improve the living standards of the populace, despite the current economic difficulties they confront.
To prevent further tragedy, Abiodun urged all Nigerians to exercise caution and follow security procedures when attending palliative distribution events.
He said: “Deaths such as these diminish us as a people. These disasters occurred at a time when families around the world are in a festive and joyous mood. It is indeed tragic.
“I, on behalf of my family and the good people of Ogun State, commiserate with my brother governors, Seyi Makinde of Oyo State, Charles Soludo of Anambra State, and the FCT Minister, Nyesom Wike, the families of the victims, and all Nigerians on these unfortunate incidents.
“May the souls of the departed rest in peace.”
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