Segun Ajayi-Kadir, director-general (DG) of the Producers Affiliation of Nigeria (MAN), has requested President Bola Tinubu to direct ministries, departments, and businesses (MDAs) to draw funding into the nation’s manufacturing sector.
In an announcement on Monday, Ajayi-Kadir mentioned overseas investments from “flight by night time” traders wouldn’t drive the progress the nation wants.
“Mr. President ought to give particular directive to the related authorities MDAs to draw funding into the manufacturing sector,” Ajayi-Kadir mentioned.
“The ‘flight by night time’ overseas traders is not going to obtain the extent of progress we search, want and deserve.”
Recognising the significance of overseas direct funding (FDI), Ajayi-Kadir mentioned the federal government must be intentional in attracting investments that add actual worth to the economic system — notably those that straight impression and increase productiveness.
The MAN DG acknowledged the “efficiency” of Tinubu’s administration, noting that it “epitomises the tip product of a collective pondering of the federal government and related stakeholders within the non-public sector”.
He recommended Tinubu for tasking the financial administration group job drive to give you the stabilisation plan together with the inauguration of the presidential financial coordinating council (PECC) to superintend its implementation.
Tinubu had introduced a N2 trillion financial stabilisation plan on July 4 — a transfer anticipated to revive Nigeria’s struggling economic system.
Ajayi-Kadir, nevertheless, mentioned a plan is simply nearly as good as its execution, stressing the necessity for diligent, unrelenting, and targeted implementation to attain the specified aims.
“The related construction of presidency must be activated and charged to place velocity to motion, with penalties for non-delivery inside set timelines,” he added.
The MAN boss mentioned the financial stabilisation plan is well timed and will assist restore confidence within the authorities and economic system if applied successfully.
He mentioned it is going to additionally engender belief in authorities’s capability to draw new traders and retain the prevailing ones, each native and worldwide.
‘COCA-COLA’S $1BN INVESTMENT IN NIGERIA IS PROMISING SIGN’
Ajayi-Kadir mentioned the latest dedication of Coca-Cola to take a position $1 billion within the Nigerian economic system is a promising signal and an expression of confidence within the Tinubu administration’s stabilisation plan.
The MAN DG, nevertheless, mentioned the total and well timed implementation of the plan is essential to unlocking its full potential, noting that sustained progress and investor confidence rely on the whole rollout of the coverage.
“The early outcomes of this plan are encouraging, however its full execution is essential to make sure lasting financial progress,” he mentioned.
“As advocates for Nigeria’s manufacturing sector, we urge the federal government to take care of momentum and absolutely implement the plan.
“The Coca-Cola system’s $1 billion dedication should have been predicated on the idea that particular facets of the ASAP could be absolutely applied and sustained.
“Whereas acknowledging that the coordinating minister of the economic system has demonstrated and guaranteed of presidency’s dedication to the plan, additional decisive and well-coordinated motion are wanted to make sure this sort of funding (and lots of extra to be attracted) interprets into broader financial good points beneath President Tinubu’s authorities.”
Ajayi-Kadir urged the federal government to stay steadfast in its efforts, stressing that solely the total implementation of the agenda for shared prosperity (ASSP) and supporting insurance policies can Nigeria absolutely unlock the potentials of present traders and obtain the specified surge in FDI.
This, he mentioned, would result in the revitalisation of the manufacturing sector and foster long-term financial progress.
On September 19, the Coca-Cola Hellenic Bottling Firm mentioned it might make investments $1 billion in Nigeria over the following 5 years.
