Manufacturers Are Yet to Come Out of Recession - MAN President

By ZION Olalekan |

The Manufacturers Association of Nigeria (MAN) has said that Nigeria’s industrial sector is yet to come out of economic recession and lamented that the industry has not experienced any growth.

The President of MAN, Dr. Frank Jacobs, who spoke at the 35th Annual General Meeting (AGM) of MAN in Ibadan, said the situation was not the best for Nigeria which is aiming to compete in the global economy.

He said though the national economy recorded growth last year, the manufacturing sector has remained on the brink of recession.

Jacob called on the federal government to take urgent steps to address the challenges being suffered in the sector for an effective macroeconomic development.

According to him, a zero growth situation in the manufacturing sector was a clear indication that government needs to rescue the sector to guide against collapse.

He said, “The performance of the quarter can be summed up with the deceleration in inflation rate, growing external reserves account, steadily rising crude oil price, improved purchasing managers’ index and better stock market performance as highlighted by increased market capitalisation and all share index.”

The Governor of Oyo State, Sen. Abiola Ajimobi in his keynote address said government intervention could be in the area of partnership between the Bank of Industry, Central Bank of Nigeria (CBN) and stakeholders.

Ajimobi said his administration over the past seven years has been able to primarily ease the process of doing business in the state.

He said, “The strategic policy focus on industrial development in the state has been multidimensional and targeted primary towards the creation of a congenial operational environment for manufacturing ventures to thrive.”