MAN Urges Federal Government to Attract Foreign Investments That Boost Local Productivity

The Manufacturers Association of Nigeria (MAN) has urged the federal government to prioritize attracting foreign investments aimed at boosting local productivity, while also praising the early results of the government’s Accelerated Stabilization and Advancement Plan (ASAP).

In a statement, the Director General of MAN, Segun Ajayi-Kadir, commended President Bola Tinubu for tasking the Economic Management Team Task Force to formulate the ASAP but emphasized the importance of diligent and focused implementation to achieve the desired goals.

Focus on Actionable Results 📈

Ajayi-Kadir stressed that a plan alone does not yield results and that the relevant government structures must be activated with accountability measures to ensure timely execution.

“With the current economic downturn, the stabilization plan is timely. Effective implementation will not only restore confidence in governance and the economy but also help attract and retain both local and foreign investors,” he said.

He further advised the president to give specific directives to relevant ministries, departments, and agencies (MDAs) to attract investments into the manufacturing sector, cautioning that “fly-by-night” foreign investors may not deliver the lasting progress the country needs.

Coca-Cola’s $1 Billion Commitment: A Positive Sign 🍾💵

Ajayi-Kadir pointed to Coca-Cola’s recent $1 billion investment commitment as a promising signal of confidence in Nigeria’s stabilization plan. However, he noted that timely and full execution of the ASAP is crucial to realizing its full potential and achieving sustained economic growth.

Call for Sustained Efforts 🚀

“The early results are encouraging, but full execution is critical,” he stated. MAN has urged the government to keep up the momentum and ensure that the stabilization plan is fully implemented to maintain investor confidence and support long-term growth in the manufacturing sector.