FG’s stabilisation plan  has potential to revive economy—MAN DG  

The Manufacturers Association of Nigeria (MAN) has acknowledged the potency of the federal government’s Accelerated Stabilisation and Advancement Plan (ASAP). MAN director general, Segun Ajayi-Kadir, on Saturday in Lagos via a statement, said the stabilisation plan epitomises the collaboration between government and relevant stakeholders of the private sector. The federal government unveiled the stabilisation plan in July to inject N2 trillion into the economy in the next six months and increase electricity generation and crude oil production. The plan, in partnership with major private sector stakeholders, is to provide a more enabling environment for businesses, restore the country to the path of growth and improve the standards of living of ordinary Nigerians. Mr Ajayi-Kadir lauded President Bola Tinubu for the inauguration of the Presidential Economic Coordinating Council to superintend its implementation.

He, however, noted that a plan in itself does not deliver. According to the MAN D-G, it requires diligent, unrelenting and focused implementation to achieve the desired objectives. Mr Ajayi-Kadir said the relevant structure of government needed to be activated and charged to put speed to action, with consequences for non-delivery within set timelines. He stated that with the downturn in the economy, the stabilisation plan was timeous, and effective implementation would be a good starting point to restore confidence in governance and the economy. “It will also engender trust in the government’s capacity to attract new investors and retain the existing ones, both local and international. Government should be intentional about attracting investments that add real value to the economy, particularly the ones that directly impact and boost productivity. Mr President should give specific directives to the relevant government ministries, departments and agencies (MDAs) to attract investment into the manufacturing sector. The “flight by night” foreign investors will not achieve the level of progress we seek, need and deserve,” he said.

Mr Ajayi-Kadir also stated that the recent commitment of Coca-Cola to invest one billion dollars in the Nigerian economy was a promising sign and an expression of confidence in the Tinubu administration’s policies. He said the full and timely implementation of the stabilisation plan was key to unlocking its full potential. He added that sustained growth and investor confidence were dependent on the complete rollout of the plan. “The early results of this plan are encouraging, but its full execution is crucial to ensuring lasting economic growth. As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan. The Coca-Cola System’s $1 billion commitment must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained. “While we acknowledge the government’s commitment to the plan, further decisive and well-coordinated actions are needed to ensure this kind of investment and many more to be attracted translates into broader economic gains under President Tinubu’s government,” he said.