By Ken Afor
The Manufacturing Association of Nigeria, MAN, has said that players in the sector are suffering enormous losses as a result of the nation’s rising production costs on a daily basis.
Francis Meshioye, the association’s president, identified a number of issues facing the sector, including an unstable power supply, insecurity, shoddy infrastructure, a lack of foreign exchange, and the depreciation of the naira.
This was disclosed in a statement on Wednesday at the association’s pre-Annual General Meeting press conference in Lagos, which served to announce its 51st AGM and focus on the topic of “Setting the Agenda for Competitive Manufacturing Under the AfCFTA: What Nigeria Needs to do.”
The event is scheduled for Tuesday, October 17 to Thursday, October 19, 2023.
Meshioye stated during the press conference that the theme was framed with a thoughtful reflection on the development of the manufacturing sector in Africa and Nigeria.
Meshioye said, “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 a series of challenges that constantly limit its contribution to the Gross Domestic Product.”
“The AfCFTA window should be maximised in such a way that products manufactured in Nigeria would be the preferred in terms of quality and pricing.”
According to the president, the former Minister of Trade and Industry of Nigeria, Olusegun Aganga, would be a guest lecturer at the three-day event, which would include an exhibition of goods made in Nigeria.
“Our goal is to brainstorm at the AGM, dwelling on the theme for the purpose of suggesting a policy direction for the new government.
“Our distinguished guest speaker is a friend of the house and one who has a vast understanding of the sector and also the subject of discourse,” Meshioye added.
