Business
MAN Moves To Improve Value Chain For Manufacturers
The Manufacturers Association of Nigeria (MAN) yesterday unveiled plans to support the improvement of value chain in the manufacturing sector to enhance competitiveness and promote job creation.
The President of MAN, Mr Mansur Ahmed, made this known in Lagos at a news conference organised by the association to announce its 47th Annual General Meeting.
The event tagged: “Improving Value Chain in the Manufacturing Sector for Competitiveness and Job Creation’’, will hold from September 2 to September 4, in Lagos.
Ahmed in his address, explained that the event was aimed at highlighting the significance of improved manufacturing value chain linkages in the efforts to make the sector more competitive.
He noted that it would also contribute more to the Gross Domestic Product (GDP) and create more jobs for Nigerians.
The MAN boss urged the government to give clarification on which foods were banned for importation.
“We believe that why there is need to start using local inputs, it cannot happen overnight,’’ Ahmed said.
He noted that both the small and medium scale enterprises and larger manufacturers need importation of products for their inputs in production.
According to him, denying them foreign exchange will affect competitiveness of the industry.
“One of the problems is that manufacturers have to import their products and when they stop foreign exchange supply to them, that will immediately affect their operations.
“It will also affect the cost of their production and possibly the price of the products,’’ Ahmed said.
Ahmed further pledged the association’s support in reaching out to relevant ministries and security agencies to work together for the improvement of the agency.
“We are working with Raw Material Research and Development Council on how we can improve linkages between sub-sectors so that more manufacturers can use local products that can improve their efficiency and improve cost structure.
“We pray that the action that is meant to improve our security does not also, on the other hand, undermine the effectiveness of our manufacturing sector; thereby increasing prices of food in the market,” he said.
He urged Nigerians to support the growth of the manufacturing industry by patronising made-in-Nigeria products.
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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