MAN Set to Hold 51st AGM, Annual Lecture, Made-in-Nigeria Products Exhibition
The Manufactures Association of Nigeria (MAN) has concluded plans to host the 51st Annual General Meeting (AGM) from October 17 – 19, 2023 at the Lagos Oriental Hotel, Victoria Island, Lagos.
The three-day event is with the theme “Setting the Agenda for Competitive Manufacturing under the AFCFTA: What Nigeria Needs to Do”. According to the association, the event will commence with a Made-in-Nigeria Products Exhibition on Tuesday, October 17 scheduled for 10 am prompt. On Wednesday, October 18 the AGM will hold and it is strictly for MAN members only. Day three will be the third edition of the Adeola Odutola Lecture/Presidential Luncheon scheduled for Thursday, October 19 with the former Minister of Finance and Chairman of the Economic Management Team, Olusegun Aganga as Guest Speaker.
Speaking on what informed the theme of the event at the media briefing held at the association secretariat, Otunba Francis Meshioye, President, MAN said: “Our goal is to brainstorm at the AGM, dwelling on the theme for the purpose of suggesting a policy direction for the new Government.”
He added “The theme was couched with a deep reflection over the growth trajectory of the manufacturing sector in Nigeria and Africa. In general, we are focused on the role of the manufacturing sector in the actualisation of the African Continental Free Trade Area Agreement and the integration of the African economy as envisioned in the Agenda 2063: ‘The Africa we want’.”
He explained that stakeholders will converge at the event to chart a new course for the manufacturing industry considering the challenges it is facing.
Highlighting some of the challenges the industry is facing, he said, “Currently, the cost of manufacturing is daily rising owing to scarce and unavailable manufacturing inputs that continue to shrink profitability and threaten the existence of the critical sector of the economy. More worrisome is the fact that the sector that should propel job creation, productivity, and economic growth is enmeshed with series of challenges that constantly limit its contribution to the Gross Domestic Product. Such challenges as epileptic power supply, insecurity, inadequate infrastructure, shortage of forex, and naira depreciation are prevailing issues that are impacting negatively on the sector.
“If Nigeria manufacturers will compete effectively, then a comprehensive and concerted effort needs to be deployed by the Government to overtake the binding constraints that limit local production and then seek to attract foreign investment that will bring about a reduction in the forex chase and ensure sufficient forex inflow that the country clearly requires.”
He explained further that “With a new administration steering the seat of governance, it is pertinent that all hands must be on deck to achieve a vibrant economy that can compete favourably. To start with, the government needs to prioritise investment in infrastructure and power, combat insecurity and corruption as well as introduce incentive policies that would make domestic production more attractive as against the importation of finished products.
“The AfCFTA window should be maximised in such a way that products manufactured in Nigeria would be the preferred in terms of quality and pricing. Until we address the binding constraints that make the local products uncompetitive, the benefit of a continental market might end up being a mirage for the largest economy in Africa. In the face of these shortcomings, we remain resilient and committed to our collaborative advocacy approach, as we strive towards the attainment of practical ease in doing business. We seek an atmosphere that supports favourable competition, with our counterparts in other countries, particularly within the continent.”
