The Manufacturers Association of Nigeria (MAN) urges the establishment of a dedicated manufacturers’ bank to streamline financial support for the sector, mirroring institutions like the Bank of Agriculture.
Francis Meshioye, MAN’s President, pressed for a specialized bank during his recent address, underscoring its role in precise fund disbursements during government interventions. He highlighted the bank’s potential to bolster the manufacturing sector, akin to agricultural advancements attributed to sector-specific financial institutions.
“The daily operational costs are spiraling,” Meshioye stated, pinpointing the dearth of essential manufacturing inputs as a critical strain on profitability and sustainability within this pivotal economic sector.
He conveyed alarm over the sector’s struggles, which ideally should bolster job creation, productivity, and economic expansion, yet is beleaguered by obstacles significantly diminishing its Gross Domestic Product (GDP) contribution. Paramount among these impediments are erratic electricity, pervasive insecurity, deficient infrastructure, forex scarcity, and the naira’s ongoing devaluation.
Meshioye emphasized the need for governmental action to abolish these constraints hindering local production, advocating for strategies attracting foreign investment, thereby easing the relentless pursuit of foreign exchange. Such measures, he believes, are crucial for invigorating manufacturing competitiveness both locally and globally.
“As we embrace a new governmental chapter, it’s crucial to collectively strive for an economic resurgence,” he asserted, proposing enhanced focus on infrastructure, energy, security, and corruption. Meshioye also championed policies incentivizing domestic production over imports and optimizing the African Continental Free Trade Area (AfCFTA) to establish Nigerian products’ dominance in quality and cost-effectiveness.
He warned of the potential illusion of a unified market benefit without first resolving the factors undermining local product competitiveness, particularly for Nigeria, Africa’s most robust economy. Despite these hurdles, Meshioye reaffirmed MAN’s commitment to persistent advocacy and practical business facilitation.
“Our goal is a business climate conducive to fair competition, aligning with international counterparts, especially within Africa,” he concluded.
The appeal for a manufacturers’ bank underscores the industry’s aspiration for tailored financial solutions, enhancing operational efficiency, and economic contributions. This initiative, if realized, could mark a transformative step for Nigeria’s manufacturing sector, fostering resilience, competitiveness, and growth amidst global challenges..
