The President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, has expressed concerns about the manufacturing sector’s viability due to the increasing cost of production. This concern was raised during a media briefing ahead of MAN’s 51st Annual General Meeting, scheduled to take place from October 17 to 19, 2023, in Lagos.
Meshioye emphasized that the cost of manufacturing is continuously rising due to the scarcity and unavailability of manufacturing inputs, which are eroding profitability and posing a threat to the sector’s existence. He further highlighted the challenges affecting the manufacturing sector, such as unreliable power supply, insecurity, inadequate infrastructure, foreign exchange shortages, and depreciation of the naira.
He underlined the critical role the manufacturing sector should play in job creation, productivity, and economic growth but noted that these challenges are hampering its contributions to the Gross Domestic Product. The theme of the forthcoming AGM is “Setting the Agenda for Competitive Manufacturing Under the African Continental Free Trade Area Agreement (AfCFTA): What Nigeria Needs to do.” It reflects the focus on the role of the manufacturing sector in realizing the AfCFTA and integrating the African economy, as outlined in Agenda 2063.
Meshioye also mentioned that Olusegun Aganga, Nigeria’s former Minister of Finance and Chairman of the Economic Management Team from 2010 to 2011, and later the Minister of Industry, Trade, and Investments from 2011 to 2015, has been chosen as the guest speaker for the third Adeola Odutola annual lecture. Aganga is recognized for his contributions to making Nigeria a premier destination for investments in Africa.
The MAN president stressed the need for collective efforts to boost the manufacturing sector’s competitiveness and ensure the sustainability of Nigeria’s economy and improved living standards for its citizens.