Rising production costs shrinking manufacturers profits – MAN

Rising production costs amid high borrowing costs and low consumer patronage is shrinking manufacturers profitability and threatening their existence, the Manufacturer Association of Nigeria (MAN) have said.

Speaking at the pre-52nd Annual General Meeting (AGM) press conference of the Manufacturers Association of Nigeria on Monday, ),” Francis Meshioye, president of MAN said there is an urgent need for the country to address the binding constraints that make local manufacturing uncompetitive to drive growth and industrialization.

“It is more worrisome that the sector that should propel job creation, productivity, and economic growth is enmeshed with a series of challenges that constantly limit its contribution to the Gross Domestic Product (GDP,” Meshioye said.

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“As critical stakeholders in the Nigerian economy, we shall continue to present the government with policy inputs and options and partner with them with a view to co-creating innovative solutions that will free the Nigerian economy from its lacklustre performance and place it on the path of productivity, sustainable growth, and development,” he explained.

He reiterated that they are engaging with the government on how to navigate the rather tough economic environment.

He showed deep appreciation to the media for helping to bring the sector’s advocacy positions and the salient issues to the front burner of public discourse and drawing the attention of relevant authorities and policymakers to their plights.

Meshioye also stated that the forthcoming 52nd Annual General Meeting presents a veritable platform for deepening our advocacy mandate, and an opportunity to engage with our members, critical stakeholders, and partners to examine our performance in the past year and chart a new path forward.

“The choice of this year’s theme speaks volumes about our direction and resolve to birth a thriving manufacturing sector.

“It is: “The Imperatives of an Intentional Development of the Nigerian Manufacturing Sector”. The theme was couched with a deep reflection on the growth trajectory of the manufacturing sector in Nigeria.

“The guest speaker to deliver a lecture on the theme is, Samaila Zubairu, president & CEO of the Africa Finance Corporation, and the special guest of honour on this occasion is Bola Ahmed Tinubu, GCFR, President of the Federal Republic of Nigeria,” MAN president said.