…Laments Uncompetitiveness Of Locally Produced Products
Yemisi Izuora
The Manufacturers Association of Nigeria (MAN) have lamented the high and rising cost environment which has continuously shrank its profitability and, in many cases threaten the existence of many operators in this critical sector of the economy.
As the Association prepares for its 52nd Annual General Meeting (AGM) scheduled to hold in Lagos, with its theme: “The Imperatives of an Intentional Development of the Nigerian Manufacturing Sector”, its President Otunba Francis Meshioye, said the theme was couched with a deep reflection on the growth trajectory of the manufacturing sector in Nigeria.
Meshioye said “more worrisome is the fact that the sector that should propel job creation, productivity, and economic growth is enmeshed with series of challenges that constantly limit its contribution to the Gross Domestic Product.
“We need to urgently address the binding constraints that make our local products uncompetitive, otherwise, the economy may continue on the downward trend with no certainty on when it will rebound.
As critical stakeholders in the Nigerian economy, we shall continue to play our role of presenting the government with policy inputs and options. We shall continue to partner with governments with a view to co-creating innovative solution that will free the Nigerian economy from its lackluster performance and place it on the path of productivity, sustainable growth and development.”
Speaking further, the MAN President said “To speak to the imperatives of an intentional development of the manufacturing sector at the 4th Odutola Annual Lecture is our Distinguished Guest Speaker, President & CEO of the Africa Finance Corporation, Mr. Samaila Zubairu.
He has been a champion of African value creation, job growth, and industrialization, directing billions into transformative infrastructure over the past three decades.
He has been on the helm of affairs at the Africa Finance Corporation (AFC) for the past six years and has achieved remarkable milestones, including doubling AFC’s membership to 42 nations, tripling investments to $13.2 billion, and overseeing the continent’s largest renewable energy acquisition.
Under his leadership, AFC’s total assets have grown from $4.1 billion to $12.3 billion, and total comprehensive income has risen to $327 million, despite challenges such as COVID-19 and the Russia-Ukraine conflict.
Mr. Zubairu’s leadership has earned the AFC numerous accolades, including Local Impact Champion at the 2023 Africa CEO Forum Awards, Equity Deal of the Year for the Infinity Energy Equity Investment and Lekela Power Acquisition at the African Banker Awards, and DFI of the Year for Europe & Africa at the Infrastructure Journal Global Awards.
He was also honored as African CEO of the Year at the Asia One Magazine Awards for his visionary leadership.
“From his antecedents, it is evident that we have the choice of a speaker to follow in the trend of our great minds to share their perspectives as we host the 4th Adeola Odutola Lecture.”
Line-up of activities for the 3days events are as follows:
1) Opening Ceremony of the 3day Made-in-Nigeria Exhibition scheduled for 10am prompt on Tuesday 22nd October, 2024. The exhibition will be a convergence of industry players, government officials, marketers, as well as consumers to experience a new exposure to quality products that are made in Nigeria and ultimately attract patronage of locally manufactured goods. To declare the exhibition open is no other person than one the CEO of the government procurement agency, the Director General, Bureau of Public Procurement. Mr. Olusegun Omotola will be joined by other dignitaries to draw attention to need to array of made in Nigeria products and preach the patriotic and wise gospel of patronage of made in Nigeria Products at the Exhibition. More than 100 exhibitors will be showcasing their products and we look forward to receiving more than 10,000 visitors
2) Even though the exhibition continues the next day at the Grand Ball Room on Wednesday 23rd, we shall be having the members only 52nd AGM Private Session, holding simultaneously. Additionally, we shall be featuring a value addition presentation by KPMG on embracing sustainable finance; as well as an awareness session on GEF-UNIDO & IEE RECP project.
3) The 4th edition of the Adeola Odutola Lecture/Presidential Luncheon is scheduled for the third and final day, Thursday, October 24, 2024 at 11am with Mr. Samaila Zubairu as our Distinguished Guest Speaker. As usual, the exhibition ground will continue to receive our guests from far and near, even as we engage at the high-profile Lecture. Our Special Guest of Honour on this occasion is the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, GCFR. Other Economic Ministers, heads of government departments and agencies, the diplomatic corps, our colleagues in Organized Private Sector and other stakeholders’ holders will join our members to make the grand finale a huge success!