The Manufacturers Association of Nigeria (MAN) says rising costs threaten the existence of manufacturers in Nigeria.
Francis Meshioye, MAN president, spoke during a news conference in Lagos ahead of the association’s 52nd annual general meeting (AGM) scheduled to be held from October 22-24.
Meshioye said the theme of the AGM “The Imperatives of an Intentional Development of the Nigerian Manufacturing Sector,” reflects the association’s focus on revitalising the industry.
He said over the past year, the Nigerian economy has faced various challenges, with the business environment significantly impacted.
Meshioye said the manufacturing sector, which is crucial for job creation, productivity, and economic growth, faces numerous challenges, including rising operational costs that threaten the existence of many businesses.
According to the MAN president, it limits the sector’s contribution to Nigeria’s gross domestic product (GDP).
“The high and rising costs in many cases threaten the existence of many operators in the manufacturing sector of the economy,” Meshioye said.
He added that without addressing the constraints, the Nigerian economy might continue on a downward trend, with no clear path to recovery.
Meshioye also stressed the need for manufacturers to remain active stakeholders in the economy, continuing to provide the government with policy suggestions and input.
“We shall continue to partner with governments with a view to co-creating innovative solution that will free the Nigerian economy from its lacklustre performance,” he said.
“We are also committed to helping to place it on the path of productivity, sustainable growth and development.”
Speaking on the upcoming AGM, Meshioye said Samaila Zubairu, president of the Africa Finance Corporation (AFC), will deliver the keynote address.
“He has been a champion of African value creation, job growth and industrialisation, directing billions into transformative infrastructure over the past three decades,” he said.
”From his antecedents, it is evident that we have the choice of a speaker to follow in the trend of our great minds to share their perspectives.”
He said the opening ceremony and exhibition will bring together industry leaders, government officials, marketers, and consumers to showcase high-quality products made in Nigeria and promote the patronage of locally manufactured goods.
Meshioye said President Bola Tinubu will serve as the special guest of honour, alongside ministers, heads of departments and agencies, diplomats, and other stakeholders.
In 2023, prominent pharmaceutical multinationals, such as GlaxoSmithKline (GSK) and Sanofi Nigeria Limited stopped operations in the country, citing the forex crisis.
While GSK ended its 51-year presence in Nigeria in August 2023, Sanofi exited in November last year.
On May 31, 2024, Kimberly-Clark, makers of Huggies, also announced its decision to stop local manufacturing and sale in Nigeria after 14 years of operation.
The American multinational corporation said the decision was made owing to its recently refocused corporate priorities globally as well as economic trends in the country.
