Manufacturers Says Economy Still Fragile

• Manufacturers Says Economy Still Fragile

The Manufacturers Association of Nigeria (MAN) on Monday said Nigeria’s economic recovery is still fragile.

Mr Mansur Ahmed, the President of MAN, who was part of the National Council of MAN that visited President Buhari at the Presidential Villa, Abuja, said: “It is clear that our economy is still fragile.”

Ahmed further stated that “With the Gross Domestic Product at 2.0 per cent and below the population growth rate, the clouds are still threatening and the task of driving the economy upwards is still enormous.

“But, Your Excellency, we are encouraged by the very strong commitment you expressed only last week in your Democracy Day address.

“You did say that in your second term, your administration will do, even more, not only to continue to drive the economy on the path of sustained growth but indeed to create a more inclusive and sustainable economy.”

He, however, applauded the administration on some policy changes, like the success recorded with the ease of doing business, “fight against corruption, focus on poverty reduction, job creation and inclusive growth as well as the launch of the Economic Recovery and Growth Plan.”

Femi Adesina, Special Adviser to the president on Media and Publicity, said the president used the visit to explain why the nation is yet to take a position on the ACT establishing the African Continental Free Trade Area (AfCFTA).

The President told MAN’s national council that the committee set up are working and that Nigeria’s decision on AfCFTA would be based on national interest.

The statement read, “The Presidential Steering Committee on the AfCFTA Impact and Readiness Assessment Committee was inaugurated on October 22, 2018, with the mandate to assess the extent to which Nigeria was ready to join the agreement, and what the impact of doing so would be.

“The Committee was initially given 12 weeks to conclude its assignment, after holding wide consultations with industry groups and stakeholders, including the MAN.”

The next African Union Summit scheduled to address the challenges facing AfCFTA will take place in Niamey, Niger Republic in July.

The statement quoted Buhari as saying, “I don’t think Nigeria has the capacity to effectively supervise and to ensure that our colleagues in AU don’t allow their countries to be used to dump goods on us to the detriment of our young industries and our capacity to utilise foreign exchange for imported goods.”