October 15, (THEWILL) – The Manufacturers Association of Nigeria (MAN) has noted that the best way to attend to all monetary needs of the manufacturing sector is by creating manufacturers bank whose responsibility will focus on the manufacturing sector. MAN therefore called on the Federal Government to create manufacturers bank.
Otunba Francis Meshioye, President, MAN who stated this during the press conference also announced the Association’s 51st Annual General Meeting in Lagos, noted that there is nothing wrong in creating manufacturers bank as long as there is Bank of Agriculture.
He pointed out that the the bank will help in accurate dispensation of any amount of money allocated to the sector by the federal government whenever there is government intervention.
The 51st AGM which is scheduled for October 17 to 19, 2023 in Lagos has the theme: “Setting the Agenda for Competitive Manufacturing under the AFCFTA: What Nigeria Needs to do.”
The President stated that the theme was couched with a deep reflection over the growth trajectory of the manufacturing sector in Nigeria and Africa.
“In general, we are focused on the role of the manufacturing sector in the actualisation of the African Continental Free Trade Area Agreement (AfCFTA) and the integration of the African economy as envisioned in the Agenda 2063: ‘The Africa we want’.”
Meshioye said the goal of the AGM is to dwell on the theme, review the performance, reflect on major issues affecting the sector, engage government and chart a part for government.
Evaluating the performance of the sector, Meshioye explained that currently, the cost of manufacturing is daily rising, owing to scarce and unavailable manufacturing inputs that continue to shrink profitability and threaten the existence of the critical sector of the economy.
“More worrisome is the fact that the sector that should propel job creation, productivity and economic growth is enmeshed with series of challenges that constantly limit its contribution to the Gross Domestic Product.”
Giving a rundown of the event, which will hold at the Oriental Hotel, Lagos, he said; The opening ceremony of the 3-day Made-in-Nigeria Products Exhibition is scheduled for 10 am on Tuesday, October 17, 2023.
The 51st AGM, which is strictly for MAN members holds on Wednesday, October 18, 2023; while the third edition of the Adeola Odutola Lecture/Presidential Luncheon is scheduled for Thursday, October 19, 2023.
He explained that the exhibition will be a convergence of industry players, marketers, as well as consumers to experience a new world of quality products that are made in Nigeria and ultimately attract patronage of locally manufactured goods.
He noted that the exhibition of Made in Nigeria Products was very important as there is no other way manufacturers will remain in business if their goods are not well patronised by the target consumers.
He listed some of the challenges that constantly limit its contribution to the GDP and growth of the sector to include epileptic power supply, insecurity, inadequate infrastructure, shortage of forex and naira depreciation, saying if Nigeria manufacturers will compete effectively, then a comprehensive and concerted effort needs to be deployed by the Government to overtake the binding constrains.
Reports showed that the amount spent by manufacturing companies on raw material procurement rose to N634.22 billion in H1’23 up from N535.09 billion in H1’22, indicating an 18.5 percent increase.
