MAN confirms more dollar availability, tasks FG on sustainable growth

 

The Manufacturers Association of Nigeria (MAN) has charged the Federal Government to pay closer attention to sustainable and inclusive growth now that the country has exited recession.

At a pre-annual general meeting (AGM) held in Lagos, Frank Udemba, president of MAN, also commended the government on its foreign exchange policy which has made dollars available to manufacturers to source their raw materials and machinery easily.

“We believe that the Nigeria’s economic and growth plan which is a government policy with a full consultation with the private sector has actually done the magic in pulling Nigeria out of recession.  If that policy is sustained and improved upon and well implemented, the country’s growth out of recession would be sustained and become all inclusive,” Udemba said.

“Our members have been able to source their raw materials and machinery, and foreign exchange has been readily available to them and that is why I believe what the National Bureau of Statistics said that manufacturing sector is among the sectors that grew to pull the country out of recession,” the MAN president further said.

The 2nd Quarter GDP report released recently by the Nigeria Bureau of Statistics (NBS) indicates a positive GDP growth rate of 0.55 percent signaling that the nation’s economy is technically out of recession after five consecutive quarters of negative growth of the nation’s economy.

According to Jacobs, to ensure that the growth is sustained and inclusive, the association is bringing Benjamin William, former Tanzania president to its 45th annual AGM to deliver a public lecture on ‘Sustaining Economic Recovery: Gleaning from the Tanzanian Experience’. This will take place on 13th and 14th September in Lagos with the theme: ’Recovery and Growth of the Nigerian Economy’.

MAN president stated that the association’s choice of speaker was based on his experience in managing the Tanzanian economy that experienced serious economic challenges similar to what Nigeria is currently facing. He stated Tanzanian has been able to sustain its growth since exiting recession.

Udemba stated that Nigeria can learn from the Tanzanian example and apply them in addressing the country’s challenges while adopting home-grown policies and strategies towards resolving them.

“We believe that the valuable experience the Tanzanian former president will share with us will further enrich our macroeconomic policy thrust,” he said.

“It may be true to say that the economic growth rate of 0.55 percent is good. The question remains, is this growth real, is it sustainable and can it engender inclusiveness?” MAN president asked.

“The impact of a positive improvement like this should ideally be felt by all classes of citizens in our country before one can boldly assert that a growth experience is inclusive,” Udemba added.

He stated that the association believes that with appropriate policy mix and concerted efforts of all stakeholders, the country’s growth rate recorded would eventually become inclusive and impact the lives of over 180 million Nigerians.

On-year-on-year basis, the manufacturing sector grew 0.64 in the second quarter (q2) of 2017, higher by  four percent of the growth rate recorded in q2 2016. On a quarter basis, growth rate of the sector contracted at -0.91percent, lower by -0.72 percent recorded in q1 2017.

 

Josephine Okojie

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