The Manufacturers Association on Nigeria
(MAN) has said despite the growth of the Nigerian economy in 2017, the
challenges are not yet over as the manufacturing sector is still on the
brink of recession.
(MAN) has said despite the growth of the Nigerian economy in 2017, the
challenges are not yet over as the manufacturing sector is still on the
brink of recession.
Dr Frank Jacobs, President of MAN
reported at the 35th Annual General Meeting of MAN Oyo, Ondo, Osun and
Ekiti states branch in Ibadan.
reported at the 35th Annual General Meeting of MAN Oyo, Ondo, Osun and
Ekiti states branch in Ibadan.
The event had a public lecture with the theme ‘Manufacturing Imperative for Regional Development in South West Nigeria’.
“It is heart-warming to note that year
2017 consolidated the post-recession performance of the economy as there
were notable tailwinds in the first quarter of 2018.
2017 consolidated the post-recession performance of the economy as there
were notable tailwinds in the first quarter of 2018.
“The performance of the quarter can be
summed up with the deceleration in inflation rate, growing external
reserves account, steadily rising crude oil price, improved purchasing
managers’ index and better stock market performance
as highlighted by increased market capitalization and all share index,”
Jacobs said.
summed up with the deceleration in inflation rate, growing external
reserves account, steadily rising crude oil price, improved purchasing
managers’ index and better stock market performance
as highlighted by increased market capitalization and all share index,”
Jacobs said.
In his keynote address the Governor of
Oyo State, Sen. Abiola Ajimobi identified specific government
interventions aimed at boosting the economy of the state; which included
partnership with the Bank of Industry, Central Bank
of Nigeria among other stakeholders.
Oyo State, Sen. Abiola Ajimobi identified specific government
interventions aimed at boosting the economy of the state; which included
partnership with the Bank of Industry, Central Bank
of Nigeria among other stakeholders.
“The current administration in the state
over the past seven years has been able to primarily ease the process of
doing business in the state.
over the past seven years has been able to primarily ease the process of
doing business in the state.
“The strategic policy focus on industrial
development in the state has been multidimensional and targeted primary
towards the creation of a congenial operational environment for
manufacturing ventures to thrive.”
development in the state has been multidimensional and targeted primary
towards the creation of a congenial operational environment for
manufacturing ventures to thrive.”
The guest lecturer at the event, Mr Seye
Oyeleye, Director General Development Agenda for Western Nigeria (DAWN)
commission said the south west region needs a well articulated
development sector to fast track the region’s attainment
of the current industrial revolution.
Oyeleye, Director General Development Agenda for Western Nigeria (DAWN)
commission said the south west region needs a well articulated
development sector to fast track the region’s attainment
of the current industrial revolution.
“There is the need for collaboration
among government, manufacturing sector and educational institutions to
translate policies and innovations to development.”
among government, manufacturing sector and educational institutions to
translate policies and innovations to development.”
The Branch Chairman MAN, Chief Kola
Akosile said operating cost increased geometrically as a result of
myriads of challenges that confronted its members during the year under
review.
Akosile said operating cost increased geometrically as a result of
myriads of challenges that confronted its members during the year under
review.
He highlighted the challenges as
increasing number of taxes and levies, Epileptic power supply,
inconsistent and uncoordinated government policies and high interest
rates on loan among others.
increasing number of taxes and levies, Epileptic power supply,
inconsistent and uncoordinated government policies and high interest
rates on loan among others.
The President of MAN was represented at
the event by Director General of MAN , Mr Segun Ajayi-Kadir, while Oyo
State Governor was represented by Alh. Olalekan Alli the Secretary to
the State Government.
the event by Director General of MAN , Mr Segun Ajayi-Kadir, while Oyo
State Governor was represented by Alh. Olalekan Alli the Secretary to
the State Government.
