…hope to put in place policies that will help boost output
President Bola Tinubu has assured of his government’s collaboration with the Manufacturer Association of Nigeria (MAN) toward enhancing economic competitiveness of the country.
According to him, the Federal Government is very serious about the revatilasation of the country’s industrial sector and because of this, it is committed to covering the real aspects of industrialization from consumer credit, fiscal and monetary policy alignment and continuous engagement with MAN as a key element in delivering presidential initiatives.
President Bola Tinubu who was the Special Guest at the 3rd Adeola Odutola Lecture/ Presidential Luncheon, Public Session, at the 51st Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) themed: “Setting the Agenda for Competitive Manufacturing under the AFCFTA: What Nigeria Needs to Do,” was represented by Dr Rabiu Olowo, Director-General, Financial Reporting Council of Nigeria.
He expressed the readiness of the Minister of Industry to collaborate with MAN for the resuscitation of industrialization, emphasising the pivotal role of manufacturing in enhancing the economic competitiveness of the country.
According to the President, the government must deploy strategic intervention in the manufacturing sector to enhance its competitive edge, which is the backbone of any economy. This would enable the country to harness the full benefits of the AfCFTA.
He stated that there are four imperatives needed to maximise the opportunities presented by the AfCFTA. These are the combined responsibilities of the government and manufacturing sector; robust public-private partnership particularly in the area of research and development to enhance the strength of manufacturing, supporting Micro, Small and Medium Enterprises (MSME) with capacity and potential for exports and investment in infrastructure and technology.
“We also must enhance quality standards and performance and adhere to international quality standards.”
The President maintained that Government is willing to support the establishment of research and development centres across the nation to enhance innovation and manufacturers should be encouraged to create these centres.
He called on manufacturers to promote regional value chains and industrial clusters, particularly with the ongoing efforts to join the second phase of the guided trade initiative.
“Together, we can ensure that Nigeria’s manufacturing sector not only thrives but becomes a global benchmark for manufacturing, contributing to the growth of the continent and the globe.
Earlier in his welcome address, Otunba Francise Meshioye, President of MAN had decried the very low growth of industrialization and stressed that Nigeria’s industrialization remains at avery low ebb.
He explained that the motivation behind the theme is the manufacturing sector’s successive undesirable and sub-optimal performance over the years and at the same time looking at the promising growth trajectory and development opportunities that are embedded in the African Continental Free Trade Agreement (AfCFTA) for industrial advancement of Africa in general and Nigeria in particular.
According to him, it has become a matter of necessity and urgency to deepen “our awareness of the imperative of the AfCFTA and the need to develop the right strategies in concerted efforts to position our economy as competitive manufacturing hub of the African economy.
“There is no better time than now to raise the bar of our country by capitalizing on the opportunities presented in this historic trade agreement to advance a competitive manufacturing sector in the country.”