At the 2024 edition of the Manufacturers Association of Nigeria (MAN) Reporter of the Year Award/Presidential Media Luncheon in Lagos, the President of MAN, Francis Meshioye, emphasized the critical need for intentional efforts by the government and policymakers to foster the growth of the manufacturing sector. Meshioye asserted that no developed country neglects its manufacturing sector, emphasizing its pivotal role in galvanizing and sustaining economic growth and development.

During the event, Meshioye highlighted the importance of recognizing that a thriving manufacturing sector translates to overall economic prosperity and an improved quality of life for citizens. He urged the government to refrain from implementing harmful and inconsiderate policies that lack input from key industry players, citing examples such as the bans on single-use plastics and Styrofoam packs by the Lagos State Government and NAFDAC, respectively.

Meshioye stressed the negative impact of such policies on affected manufacturing industries and the significant number of workers whose jobs are at risk. He called for collaborative efforts between the government and the private sector to revamp the manufacturing sector, suggesting the exploration of homegrown policy initiatives to address unique challenges.

The MAN president underscored the importance of mobilizing local resources and overcoming constraints in the productive sector through frank conversations, effective collaboration, and bold decisions that deviate from the norm. Meshioye asserted that the nation’s economic recovery hinges on deploying policy stimuli supported by domestic growth, export-focused strategies, and offensive trade strategies.

To enhance the manufacturing sector in the coming year, Meshioye proposed utilizing cost savings from fuel subsidies to implement production-focused policies, overhauling the power sector, incentivizing investments in renewables for electricity generation, promoting energy-cost efficiency, prioritizing the patronage of made-in-Nigeria products, encouraging local sourcing of raw materials, managing the floating exchange rate system, and allocating forex and credit to manufacturers, among other measures.

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