Francis Meshioye, the president of the Manufacturers Association of Nigeria (MAN), expressed deep concern over the continuous rise in production costs, highlighting its severe threat to the survival of the manufacturing sector. This revelation came during MAN’s pre-Annual General Meeting press conference held in Lagos.
The upcoming 51st AGM, themed “Setting the Agenda for Competitive Manufacturing Under the AfCFTA: What Nigeria Needs to Do,” will be held in Lagos. Meshioye, in addressing the press, explained that the theme reflects a thorough examination of the growth trajectory of the manufacturing sector in Nigeria and Africa.
Meshioye emphasized the daily escalation of manufacturing costs due to the scarcity and unavailability of manufacturing inputs, which is diminishing profitability and endangering the critical sector of the economy. He expressed concern about the sector’s challenges, hindering its contribution to the gross domestic product and impeding job creation, productivity, and economic growth.
Among the prevailing issues impacting the manufacturing sector, Meshioye highlighted challenges such as erratic power supply, insecurity, inadequate infrastructure, forex shortages, and the depreciation of the national currency.
He stressed the importance of maximizing the African Continental Free Trade Area (AfCFTA) window to position Nigerian-manufactured products as preferred choices in terms of quality and pricing.
The three-day AGM event will feature an exhibition of Made-in-Nigeria products and will have Olusegun Aganga, Nigeria’s former Minister of Trade and Industry, as a guest lecturer. Meshioye mentioned that the AGM aims to brainstorm on the theme to provide policy directions for the new government, with Aganga, a distinguished speaker with vast knowledge of the sector, contributing to the discourse.