The Manufacturers Association of Nigeria has stated that the manufacturing industry is under severe threat from the increasing rise in production costs.
The MAN President, Francis Meshioye, made this know on Wednesday during the its pre-Annual General Meeting press briefing in Lagos
The 51st Annual General Meeting of the Association will be held in Lagos and will have as its theme “Setting the Agenda for Competitive Manufacturing Under the AfCFTA: What Nigeria Needs to do.”
Meshioye stated that the theme was framed by a profound study on the development of the manufacturing sector in Nigeria and Africa.
Meshioye stated, “At the moment, the cost of manufacturing is daily increasing as a result of limited and unavailable manufacturing inputs that continue to reduce profitability and imperil the survival of the crucial sector of the economy.
“More concerning is the reality that the industry that ought to drive economic growth, productivity, and job creation is mired in a number of issues that consistently reduce its contribution to the GNP.”
Meshioye also pointed out that the industry is now experiencing epileptic power supply, insecurity, poor infrastructure, lack of foreign currency, and naira depreciation.
He stated, “The AfCFTA window should be maximised in such a way that Nigerian products would be the preferred in terms of quality and pricing.”
He also said that Nigeria’s former minister of trade and industry, Olusegun Aganga, would be a guest lecturer during the three-day event, which would also include an exhibition of goods made in Nigeria.
“At the AGM, we want to engage in a brainstorming session focused on the theme in order to propose a possible course of action for the new government. Our outstanding Guest Speaker is a friend of the house with extensive knowledge of the industry and the discussion topic,” Meshioye said.
