Rising costs pose threat to manufacturers, says MAN

• Meshioye emphasized during the press conference that this theme was crafted after careful contemplation on the manufacturing sector’s growth trajectory in Nigeria and Africa
  

  ---

The ongoing escalation in production expenses is causing a significant concern for the continuity of the manufacturing sector, as stated by the Manufacturers Association of Nigeria (MAN).

Francis Meshioye, the president of MAN, disclosed this during a press conference held in Lagos on Wednesday, ahead of the association’s 51st Annual General Meeting (AGM). The AGM, scheduled to take place in Lagos, is themed “Setting the Agenda for Competitive Manufacturing Under the AfCFTA: What Nigeria Needs to do.”

Meshioye emphasized during the press conference that this theme was crafted after careful contemplation on the manufacturing sector’s growth trajectory in Nigeria and Africa.

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.”

Speaking further, Meshioye noted that such challenges as epileptic power supply, insecurity, inadequate infrastructure, shortage of forex and naira depreciation are prevailing issues that are impacting negatively on the sector.

He added that such challenges as epileptic power supply, insecurity, inadequate infrastructure, shortage of forex and naira depreciation are prevailing issues that are impacting negatively on the sector.

“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,” he said

According to him, the three-day event, which would feature an exhibition of Made-in-Nigeria products, would have Nigeria’s former Minister of Trade and Industry, Olusegun Aganga as a guest lecturer.

“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.