Manufacturers Laud Tinubu’s Economic Plan but Warn of the Need for Swift Action
The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has praised the Federal Government’s Accelerated Stabilisation and Advancement Plan (ASAP) as a significant step towards economic recovery, while cautioning that its success hinges on timely and robust execution. Ajayi-Kadir’s comments come as President Bola Tinubu’s administration seeks to reinvigorate the economy through coordinated efforts with the private sector.
In a statement issued by MAN, Ajayi-Kadir commended President Tinubu for tasking his economic management team to devise the plan and for inaugurating the Presidential Economic Coordinating Council to oversee its implementation. However, he emphasised that a plan, however well-conceived, requires diligent follow-through to produce tangible results.
“A plan in itself does not deliver,” Ajayi-Kadir stated. “It requires diligent, unrelenting, and focused implementation to achieve the desired objectives. The relevant structures of government must be activated and charged to put speed to action, with consequences for non-delivery within set timelines.”
Ajayi-Kadir pointed to the urgency of the situation, noting that the plan’s launch comes at a critical moment as Nigeria’s economy struggles through a downturn. He added that successful implementation would serve as a “good starting point to restore confidence in governance and the economy,” while also fostering trust in the government’s ability to attract and retain both local and international investors.
Highlighting the need for strategic investment, the MAN chief underscored that the government must prioritise foreign direct investments that genuinely add value to Nigeria’s economy, particularly in sectors that boost productivity, like manufacturing. “Mr President should give specific directives to the relevant government MDAs to attract investment into the manufacturing sector, period!” Ajayi-Kadir said, warning that fleeting, short-term investments would not achieve the substantial progress the country requires.
The recent commitment by Coca-Cola to invest $1 billion in Nigeria, Ajayi-Kadir noted, reflects international confidence in the Tinubu administration’s plans. However, he stressed that only the full and timely execution of the ASAP would unlock the initiative’s true potential. “The early results of this plan are encouraging, but its full execution is crucial to ensure lasting economic growth,” he said.
Ajayi-Kadir further acknowledged the coordinating minister of the economy’s assurances of the government’s commitment to ASAP, but he called for decisive and well-coordinated actions to ensure that investments like Coca-Cola’s translate into broader economic gains.
“The $1 billion commitment from Coca-Cola must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained,” he stated, urging the government to maintain its momentum.
In his closing remarks, Ajayi-Kadir stressed that only with the full implementation of ASAP and complementary policies can Nigeria truly realise the benefits of foreign investment and revitalise its manufacturing sector for sustained growth. He urged the government to remain steadfast, saying that now is the time for action, not delay.
