MAN Targets Increase in Manufacturing Sector’s GDP Contribution

Steel Manufacture At Evraz Plc West-Siberian Metallurgical PlantCooling water spays onto a length of red hot steel as it passes through the rolling mill at the Evraz Consolidated West-Siberian Metallurgical Plant, operated by Evraz Plc, in Novokuznetsk, Russia, on Tuesday, Nov. 24, 2015. Photographer: Andrey Rudakov
  • MAN Targets Increase in Manufacturing Sector’s GDP Contribution

The President, Manufacturers Association of Nigeria, Mr Mansur Ahmed, said that in 2019 and the years ahead, the association aimed to increase the contribution of the manufacturing sector to the Gross Domestic Product above the current 9.5 per cent.

He stated this in Lagos on Wednesday during the annual media luncheon of the association.

Speaking further, he noted that the association also aimed to further influence the modulation of economic, industrial, trade and other policies that were germane to the survival of the manufacturing sector in Nigeria.

He said, “I want to use this medium to reiterate some areas of our activities that we shall be giving greater attention to soon.

“We shall substantially improve the contribution of the manufacturing sector to the Gross Domestic Product from the current paltry 9.5 per cent; appreciably increase the capacity utilisation of member-companies by promoting policy consistency in a manner that the gains already made are not pulled back while ensuring the revival of sectors that are currently struggling.”

He said the association would also, among other things, promote a more inclusive economy among all categories of companies in the membership of MAN, through the establishment of structured and mutually beneficial linkages between the large corporations and small and medium industries, expand the scope of strategic partnership with relevant organisations within Nigeria, West Africa and the African continent.

While fielding questions on the African Continental Free Trade Area agreement, Ahmed said that Nigeria would eventually sign the agreement but that stakeholders did not want the government to just sign the framework without looking at the impact of the agreement on the sector and on the economy.

He said, “The position of the association that the government should not sign the framework agreement until wide-reaching sensitisation and proper assessment are conducted on its impact on the economy and the manufacturing sector, remains unchanged.

“Our advocacy on AfCFTA is yielding desired results. As you are aware, Nigeria has yet to sign the framework agreement. The government has conducted sensitisation programmes nationwide and MAN is a functional member of the Presidential Committee on Impact and Readiness of Nigeria for AfCTA .”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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