By Charles Okonji
The Manufacturers Association of Nigeria (MAN) has advised the President Bola Ahmed Tinubu’s led Renewed Hope Government to invest the savings from fuel subsidy into production focused policies, adding that it will improve the manufacturing sector with a year.
The President of the MAN, Otunba Francise Meshioye who disclosed the on Tuesday at the 8th edition of the MAN presidential media luncheon and award, stressed that the productive policies should be supported with more structural measures to combat the peculiar inflationary pressures from insecurity, energy and transport cost.
Lamenting on the power predicament of manufacturers, Meshioye called for overhaul of the power sector and incentive investment in renewables to boost electricity generation and promote energy-cost efficiency.
According to him, “Government should lead by example and give priority to patronage of made-in-Nigeria product in all its purchases and for all government contracts and projects.
“Government should mandatorily upscale patronage of made in Nigeria products by deliberately reducing the excessive reliance of the country on imported products.
He pointed out that the government must collaborate with the private sector especially at this time, by exploring home grown policy initiatives that will address peculiar challenges.
He emphasised the need for government and the private sector to collaborate to revitalize the ailing manufacturing sector at this critical time, stressing the need for mobilizing the country’s local resources and taking deliberate steps to overcome the constraints that confront the productive sector.
“The nation’s economic recovery is highly dependent on the deployment of policy stimulus supported with a synthesis of domestic growth, export focused and offensive trade strategies.
“These would promote resilience, steady growth and ensure that the sector gains meaningful traction going forward,” MAN President alluded.
On the exchange rate, MAN DG, Segun Ajayi-Kadir, called on the government to proffer a lasting solution, adding that all hands must be on deck to lower the cost of production.
On why naira is experiencing massive fall, the MAN DG said, “Government should lead by example and give priority to patronage of made-in-Nigeria product in all its purchases and for all government contracts and projects.
“Government should mandatorily upscale patronage of made in Nigeria products by deliberately reducing the excessive reliance of the country on imported products.
“The three tiers of government should enforce the implementation of the Executive Order 003 in same for their ministries, departments and agencies. Government should encourage local sourcing of raw materials through comprehensive and integrated incentives to address the challenges of low productivity and imported inflation.”
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