MAN To Support FG’s Accelerated Stabilisation and Advancement Plan

The Director General (DG) of the Manufacturers Association of Nigeria (MAN) Segun Ajayi-Kadir, has commended the federal government’s Accelerated Stabilisation and Advancement Plan (ASAP) which is meant to strengthen collaboration between government and relevant stakeholders of the private sector.

The Federal Government unveiled the stabilisation plan in July, aim to inject N2 trillion into the economy in the next six months as well as increase electricity generation and crude oil production.

The stabilisation plan in partnership with major private sector stakeholders, is said to provide a more enabling environment for businesses, restore the country to the path of growth and enhance the standards of living of ordinary Nigerians.

Ajayi-Kadir, however, commended President Bola Tinubu for the inauguration of the Presidential Economic Coordinating Council to superintend its implementation as it requires diligent, unrelenting and focused implementation to achieve the desired objectives.

Accordingly, the MAN DG, harped on the need for the relevant structure of government to be activated and charged to put speed to action, with consequences for non-delivery within set timelines.

He highlighted that with the downturn in the economy, the stabilisation plan was timeous, while effective implementation of the plan would serve as a good starting point to restore confidence in governance and the economy.

In Ajayi-Kadir words: “It will also engender trust in the government’s capacity to attract new investors and retain the existing ones, both local and international. Government should be intentional about attracting investments that add real value to the economy, particularly the ones that directly impact and boost productivity. Mr President should give specific directives to the relevant government ministries, departments and agencies (MDAs) to attract investment into the manufacturing sector. The “flight by night” foreign investors will not achieve the level of progress we seek, need and deserve”.

He opined that the recent commitment made by Coca-Cola to invest one billion dollars in the Nigerian economy was a promising sign as well as expression of confidence in the Tinubu administration’s policies.

The Coca-Cola System’s $1 billion commitment, it was said must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained.

He stated further that the full and timely implementation of the stabilisation plan was key to unlocking its full potential, adding that sustained growth and investors’ confidence were dependent on the complete rollout of the plan.

DG MAN pointed out that the early results of this plan are encouraging, noting that as advocates for the manufacturing sector they are urging government to maintain the momentum and fully implement the plan.

“While we acknowledge the government’s commitment to the plan, further decisive and well-coordinated actions 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 emphasized.