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  • Manufacturing sector on recovery path, says MAN

    Manufacturing sector on recovery path, says MAN

    For the first time in the last six quarters, the manufacturing sector’s performance improved in Aggregate Index Score (AIS) to 53.5 points in Q1 2024, up from 51.8 points recorded in Q4 2023.

    The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, attributed the sector’s moderate improvement to gains recorded by the Naira in the latter part of the first quarter under review.

    He said other factors that drove the improved performance included manufacturers’ resilience, expectation of reasonable reduction in diesel price, and hope that the presidential intervention funds for the manufacturing sector will be disbursed seamlessly, and government’s policy direction become clearer.

    Ajayi-Kadir spoke at the ‘Public Presentation of the MAN CEO’s Confidence Index (MCCI) Report’ in Lagos, last week.

    He said: “This performance shows that the manufacturing sector is set on the path of restoration and recovery, at least to the level recorded in Q3 2022, with the hope of improvement in the next quarter.”

    The MAN DG, who was represented by MAN’s Director, Special Purpose Vehicle, Mr. Ambrose Oruche, said this was further buttressed by mild performance recorded at the sectoral and zonal levels as well as the positive projections of confidence indices for the next quarter.

    The MCCI is an index constructed by MAN to measure changes in quarterly pulse of CEOs of manufacturing concerns in relation to changes in government policies and movement in macroeconomic indicators.

    Since 2019, the MCCI has effectively served as a veritable advocacy instrument for quarterly review of the performance and expectations of operators in the manufacturing sector.

    The MCCI has a baseline index of 50 points, which suggests a stationary point in the economy.  Therefore, any index point above 50 points indicates that manufacturers have confidence in the economy and improvement in manufacturing performance.

    However, any index point below 50 points indicates otherwise. So, the more the index point tends to 100 points, the higher the level of confidence in the economy and improvement in manufacturing activities.

    Now, the aggregate MCCI score increased to 53.5 points in Q1 2024, up from 51.8 points in Q4 2023, indicating a slight improved performance in the period and a growing confidence of manufacturers in the economy.

    The MAN DG said the manufacturing sector undoubtedly, remains the most sustainable driver of steady economic growth, inflow of foreign exchange and enduring shared prosperity.

    He said manufacturers, therefore, expect that the government will intentionally prioritize the sector by implementing the sector-specific recommendations contained in the MCCI report and providing the required policy support and incentives.

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    As he stated, “This is the surest way of revamping the sector and repositioning the economy towards sustainable growth and development.”

    Presenting the MCCI report, the Director, Research and Economic Policy, Dr. Oluwasegun Osidipe, said even though the moderate improvement in the AIS is the first in the last six quarters, it is a confirmation that the sector is already on the path of restoration to the level recorded in Q3 2022.

    “This also signifies the level of resilience of operators despite the numerous challenges confronting the sector,” Dr. Osidipe added, pointing out, however, that “The intensity of performance would have been higher but for the current business and employment condition indices that performed below the standard score.”

    He, therefore, said the manufacturing sector should be at the front burner for economic policymakers as the sector is the most essential for sustained economic growth and shared prosperity.

    Dr. Osidipe attributed the sector’s subdued performance to some ongoing harsh economic reforms, which, according to him, compounded the long-standing challenges confronting the sector.

    “This is confirmed by the finding of this report, which reveals that forex scarcity, inadequate power supply, high inflation, rising energy cost, multiple taxation, policy inconsistency, exorbitant interest rate, poor infrastructure and high logistics costs are the top ten challenges depressing the sector’s productivity,” he said.

    Earlier in his opening remarks, MAN President Otunba Francis Meshioye said the manufacturing sector plays a pivotal role in the economic growth and development of the nation.

    The MAN president noted that the MCCI report sheds light on the current state of the industry, its challenges, and the opportunities that lie ahead.

    “Today’s presentation serves as an opportunity to engage in constructive dialogue and exchange ideas that will contribute to the advancement of the manufacturing sector in Nigeria,” he stated.

    Some of the recommendations put forward by manufacturers to advance the manufacturing sector in the coming quarters include stabilising the exchange rate and improving access to forex, promoting energy security, ensuring affordable lending rate and increased access to credit, and upgrading infrastructure.

    Others are addressing high and multiple taxation, ensuring food security, promoting local patronage of made-in-Nigeria products, addressing policy inconsistency, improving trading activities and others.

  • MAN, LCCI, CPPE urge caution on expatriate employment levy

    MAN, LCCI, CPPE urge caution on expatriate employment levy

    The Manufacturers Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry (LCCI) and   Centre for the Promotion of Private Enterprise (CPPE) yesterday called on President Bola Tinubu to direct the Nigerian Immigration Service (NIS) to refrain from enforcing compliance with the Expatriate Employment Levy (EEL) recently introduced by the Federal Government in the interest of the economy.

    MAN expressed concerns that the levy, if implemented, would deter Foreign Direct Investments (FDIs) and disincentivise domestic investors hence, a discontinuation of the policy’s implementation was needed to reassure the domestic and foreign investors of Nigeria’s commitment to an investment- friendly environment and ease of doing business.

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    It would be recalled that Tinubu had on February 28, this year, launched the EEL to close wage gaps between expatriates and the Nigerian labour force.

    The EEL mandates firms to pay levies for hiring expatriates and provides guidelines on the employment of Nigerians in foreign-owned companies.

    However, MAN said as the major investors and employers in Nigeria, manufacturers believe that while the levy is ostensibly primed to promote local employment, improve forex and non-oil income earnings, the levy will regrettably deter FDIs disincentivise domestic investors who have partnership with foreign investors and undermine knowledge transfers that are critical for Nigeria’s economic growth.

    LCCI, Director-General, Dr Chinyere Almona, in a statement, called for cautioned and stressed the need for a balanced approach to expatriate employment and its potential impact on FDI inflows.

     Quoting statistics from the Nigeria Bureau of Statistics (NBS), she explained that Nigerian nationals constitute only 59 per cent of total jobs in Nigeria, their wages account for less than 45 per cent of total wages, and the average basic salary of expatriates stands at more than 45 per cent above the basic salary.

  • How Nigeria can attain $1tr economy, by MAN

    How Nigeria can attain $1tr economy, by MAN

    • ‘Manufacturing pivotal to growth’

    For Nigeria to fast-track the actualisation of a $1 trillion economy, there is the need for the Central Bank of Nigeria (CBN) to develop a sustainable framework to channel credit interventions into the manufacturing sector, outside the bank’s direct intervention, the Manufacturers Association of Nigeria (MAN) said yesterday.

    Its President, Otunba Francis Meshioye, while delivering his address at the MAN Reporter of the Year Award/Presidential Media Luncheon in Ikeja, Lagos, said the CBN should mobilise commercial banks to provide long-term single digit interest loans to the sector.

    Cost of goods in Nigeria

    President Bola Tinubu had at the 29th Nigeria Economic Summit (NES) in Abuja set the target of growing the economy to $1 trillion by 2026 and increasing it to $3 trillion by the end of the decade in 2030.

    But Meshioye hinged the target on CBN’s capacity to develop a sustainable framework to channel credit interventions into the manufacturing sector.

    “Additionally, it (CBN) should mobilise commercial banks to intentionally provide long-term single digit interest loans to the manufacturing sector to fast-track the actualisation of a $1 trillion dollar economy.

    “The apex bank should allow foreign exchange (forex) access for importation of vital industrial input that are not available locally and subject them to backward integration policy,” Meshioye added.

    He said MAN offers to be part of a monitoring and evaluation team to ensure that the government gets value for incentives offered to achieve this objective.

    Meshioye also called for the management of the floating exchange rate system within an acceptable lower and upper band, pending the actualisation of the country’s net-exporting economy aspirations.

    He pushed for the prioritisation of forex and credit allocation to manufacturers, including reducing the number of Bureau De Change operators (BDCs) into large and well-established operators to curb their excesses and untoward operations through effective management and supervision.

    Meshioye further called on the government to encourage the inflow of Foreign Direct Investment (FDI) into pre-determined and domestic production-enhancing businesses, and also intentionally guide diaspora remittances into non-oil sectors, especially manufacturing to aid forex inflows and curb rising inflation.

    “The CBN should intensify its collaboration with the fiscal authority; Federal Ministry of Finance and by extension, the Tariff Technical Committee (TTC) for proper policy alignment on the appropriate HS Codes for items that Nigeria has sufficient capacity to discourage importation and save scarce foreign exchange,” he added.

    Justifying these demands, the MAN president said: “Our country’s economy is in a dire state and our policy makers, more than ever before, need to be intentional about growing the manufacturing sector. There is no country considered as developed that does not give priority to the manufacturing sector.

    “There is no gainsaying the fact that manufacturing is pivotal to galvanizing and sustaining the economic growth and development of Nigeria. The government needs to come to the realization that a win for the manufacturing sector is a win for the economy and by extension, a better life for the citizenry.

     “Government and its agencies should deliberately abstain from taking harmful and inconsiderate policies that lack adequate inputs of key players that would be affected.”

    Meshioye made reference to two instances of such inconsiderate policies within the first two months of this year. The first one was the ban placed on single-use plastics and Styrofoam packs by the Lagos State government.

    The second, according to him, was the ban placed on alcoholic beverages in pet bottles and sachet below 200ml by the National Agency for Food, Drug Administration and Control (NAFDAC).

    “The former was done outside the timeframe set by the national policy and the latter was based on unfounded assumptions; both without due consideration for the economic and social impact of those unwarranted decisions,” he lamented.

    The MAN president said the negative impact of the afore-mentioned policies on the manufacturing industries as well as the huge number of workers whose jobs are on the line cannot be overemphasized.

    He insisted that it has become pertinent for government and the private sector to work in tandem to revamp the ailing manufacturing sector, especially at this time, by exploring home grown policy initiatives that will address manufacturers’ peculiar challenges.

    “There is a need to mobilize our local resources and more importantly, take deliberate steps to overcome the binding constraints that confront the productive sector. This has to be through frank conversations, effective collaboration and bold decisions that radically depart from the norm,” Meshioye stated.

    As he noted, the nation’s economic recovery is highly dependent on the deployment of policy stimulus supported with a synthesis of domestic growth, export focused and robust trade strategies.

    This, according to him, will promote resilience, steady growth and ensure that the sector gains meaningful traction going forward.

    To actualize a vibrant manufacturing sector this year, Meshioye recommended that the government expend cost saving from fuel subsidy to deploy a bouquet of production focused policies, backed with more structural measures to combat the peculiar inflationary pressures from insecurity, energy and transport cost.

    He also called for the overhaul of the power sector and incentivization investment in renewables to boost electricity generation and promote energy-cost efficiency, including encouraging sub-national governments and private investors to leverage the opportunities provided by the Electricity Act 2023 to improve energy security in Nigeria.

    Meshioye also said the government should encourage local sourcing of raw materials through comprehensive and integrated incentives to address the challenges of low productivity and imported inflation.

    He also called on the government to utilize the 2024 Budget to sustain effort at improving infrastructural developments, especially in strategic industrial hubs to reduce operation and logistics cost and promote competitiveness.

    The MAN boss further urged the government to lead by example and give priority to patronage of made-in-Nigeria products in all its purchases and for all government contracts and projects.

    “Government should mandatorily upscale patronage of made in Nigeria products by deliberately reducing the excessive reliance of the country on imported products.

    “The three tiers of government should enforce the implementation of the Executive Order 003 in the same for their ministries, departments and agencies,” he said.

    Meshioye further urged the government to maintain all measures to boost the level of liquidity and degree of transparency in the official forex window even as the backlog of $7 billion forex obligations is being cleared.

  • N800b investment under threat over ban of sachets, PET bottles, says MAN

    N800b investment under threat over ban of sachets, PET bottles, says MAN

    The planned implementation of the ban of sachets and PET bottles for packaging of alcoholic beverages will lead to the loss of N800billiom investment in the alcoholic beverage sub sector of the economy, the Manufacturers Association of Nigeria (MAN) and the Distillers and Blenders Association of Nigeria (DIBAN) have said.

    The strident calls by the MAN and DIBAN was necessitated by the recent ban placed on alcoholic beverages in sachets and pet bottles not less than 200ml by the National Agency for Food and Drug and Administration Control (NAFDAC).

    The two bodies who spoke at a joint press conference held at MAN HOUSE, at the weekend.

    Speaking at the press conference, the Director General of MAN, Segun Ajayi-Kadir noted that “In order to avert this colossal loss on investment in machines, raw materials and financial resources, we call on President Bola Tinubu to prevail on NAFDAC DG, Prof. Mojisola Adeyeye to reverse the ban, and also save over 5.5 million direct and indirect jobs created by the MAN sub-sector who currently earn their livelihoods from the business.”

    Echoing similar sentiments, the Executive Secretary DIBAN, Sir John Ichue noted that the investors in this sub-sector had invested over ₦800bn into the business, adding that some of the money invested in the sector was borrowed funds from banks.

    Ichue further noted that many of them have procured raw materials that would last them for the next four to five years, lamenting that it will be a colossal loss to the manufacturers and the country as a whole, if the government fails to call NAFDAC to order immediately.

    He stated that more than 25 companies in wines and spirits sector in the country may be forced to close shop if the President does not intervene.

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    Lending his voice, the Chairman of DIBAN, Chief (Engr.) Patrick Anegbe, who also doubles as the CEO Intercontinental Distillers, said the association had always preached responsible drinking even as he emphasised that the association is on the same page with NAFDAC, stating that the same objective could be achieved through access control rather than outright ban.

    Anegbe argued that through access control mechanism, “the underage will be safeguarded, businesses will remain and members and suppliers in the value chain of the sub-sector will retain their jobs.

    “I also called on the President to intervene immediately, otherwise many jobs are on the line. Some of us the investors have invested heavily in the sector.”

    Also making his own viewpoints, the CEO Stellar Beverage, Gandhi Anandan, lamented that the ban was counterproductive as it may trigger irresponsible drinking, saying, “NAFDAC banned alcoholic beverages in sachets and pet bottles not less than 200ml encouraging those in 200ml and above.”

    While registering his displeasure, Mr. Wale Majolagbe, CEO, Grand Oak Industries, noted that the distilled wine and spirits has not been fingered as leading to deaths of anyone, but people had reportedly died from consuming undistilled drinks.

  • Two held as man dies after ‘romp’ with landlord’s wife

    Two held as man dies after ‘romp’ with landlord’s wife

    The Ondo State Police Command said it has arrested two persons in connection with the death of one Abiodun Akintomowo.

    Akintomowo reportedly died after allegedly having sex with the wife of his landlord at a hotel located at Akinjagunla area of Ondo Town.

    Ondo Police spokesman, Funmilayo Odunlami, said he was rushed to the hospital where he died.

    Odunlami stated that the suspects are a girlfriend of the deceased and the owner of the hotel where the incident happened.

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    She said an investigation had commenced into the incident.

    “The man (deceased) was not feeling alright after the intimacy with the lady in the hotel, so he was rushed to the hospital and later died . The two suspects are still in our custody,” she said.

    Witnesses said it was the woman that raised the alarm when the deceased collapsed in the hotel room after the alleged sex romp .

    “The woman raised the alarm after realizing that the man collapsed. The manager of the hotel and some residents raced to the scene and made frantic  efforts to rescue the man, he was later confirmed dead.”

  • A wise way to a man’s heart

    A wise way to a man’s heart

    Maverick cooks know that the way to a man’s heart is not only through his stomach. The woman whose cooking can make a man as  fit as  a fiddle in all ramifications is often the welcome news in the kitchen and at table. Where is that man who doesn’t want his brain smart and sharp, who does not value good vision, or who does not pray against hearing loss, teeth and gum problems or would like hypertension, kidney, liver and  digestive   problems, not to mention prostate gland and bone joint dysfunctions to be his lot. The women who prepare the meals of such men know that cooking goes beyond artificial food sweeteners and that it testifies to a mastery of culinary herbs well chosen and well combined to not get only  awaken  the taste bunds but to also provide the body with as many nutrients as possible for optimal health. Some health food stores now stock some of the friends and allies of the Maverick cook. Three of them are presented below.

    1) CURRY POWDER

    2) BAOBAB(KUKA) POWDER

    3) CLOVE POWDER

    CURRY POWDER

    This is not the run of the mill curry powder. I cook with it. I add it raw to cooked food or to fruit juice, especially Tiger nuts milk  and add it to garri when I soak some for drinking. There are nine ingredients  in this Curry  Powder…

    A) coriander B)fenugreek C) cumin seeds (D) nutmeg (E) fennel (F) clove (G) Ginger (H).  Garlics and Tumeric. Anyone who is familiar with the health benefits of these plant medicines or can check them out on the internet should appreciate this product blend. Space does not permit an elaboration I would have like to make  here. However, a few shouldn’t escape mention. Corriander is what the yorubas call Efo Ebolo and which the english call Corriander. In the health food store, it is sometimes called CillantroI. It is a great kidney and urinary system cleanser. It may also promote healthy blood sugar and blood cholesterol levels  and promote  heart and bone health in addition to several other health benefits.

     FENUGREEK is a sugar burner which is good, also, for cough and for removing phlegm in the throat, improving brain function, lowering blood pressure, fighting inflammation, improving breast milk flow.

        TUMERIC provides Curcumin, an anti- oxidant and anti-inflammatory. Anyone who experiences inflammatory condition will appreciate the value of anti- inflammatory. Inflammatory conditions are given names which end in…ITIS. This includes, but are not limited to, hepatitis( inflammation of liver, Arthritis ( inflammation of bone joints), colitis (inflammation of the colon), meningitis ( inflammation of brain and spinal cord membranes).etc. Curcumin boosts brain derived neurotrophic factor (BDNF) which helps memory and learning. BDNF deficiency has been linked to some brain and nerve  disorders such as Alzheimer’s disease, Parkinson disease, multiple sclerosis, Huntington’s disease, poor signaling among brain cells and depression. Sometimes associated with depression, is a mild of serious lost of cognitive function, short memory lost,  disibt-intrest in learning andnpwrformence of chelleng tasks. Some people in depression withdraw from their environment, like only to eat and sleep,and are ungrateful for love shown to them. If curcumin helps to boost BDNF levels in the brain, and the boost improves brain function,adding curcumin to the diet through these products or in any other form should be a good decision.  Nutmeg is detoxifying, pain killing, improves oral health, promotes sleep and immunity, supports therapy, and improves blood flow. Clove reduces blood sugar, cholesterol and triglycerides, improves health, liver, bone and oral health. FENNEL may help breast milk flow. Fennel leaves and seeds are credited, also, with anti-oxidant, anti-inflammatory and anti- bacterial qualities. They are a storehouse of nutrition, parading, for example, Vitamin C, Manganese, Potassium, Magnesium and Calcium.

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     Accordingly to Frank J. LIPP in his book, Herbalism, the Romans have for more than 2,000 years used fennel for about 22 medical purposes including the treatment of eye problems, asthma, cough, halitosis( mouth odour), flatulence, dizziness, delay mentruation etc. Snakes likes fennel. They eat it when they shed their coats and their eyes are cloudy. Fennel clears their vision.

    CUMIN is not Curcumin. For centuries, Cumin has been used  in Asia for indigestion and diarrhoea, headache, kidney and bladder stones, radiant health and leprosy therapies. In the laboratory,Cumin has inhibited the  growth of  many bacteria, including  E. Coli, which causes troubles in the intestine and in the urinary system. Several studies applaud Cumin as good for lowering high blood cholesterol levels, especially the dangerous Low Density Lipoprotein (LDL) while elevating count of  High Density Lipoprotein (HDL), the good Cholesterol.  It has been found to reduce high urea levels, support weight loss, enhance healthy Body Mass index(BMI), that is the ratios of fat  and muscle tissues, improve blood sugar balance and provide antioxidants, Vitamins such as vitamin A and  important minerals such as Calcium and Iron. In the preceeding decades, foods with high antioxidants values were  well prized because these chemical substances helped to neutralise free radical  molecules which damage cells and make them grow into tumours and even cancers. One of the  commonest  tumour in Nigeria’s medical landscape today is uterine fibroids. They and other tumours should profit not only from Cumin but all food sources with antioxidant properties and high polyphenol counts such as Sorqghum bicolor, an ingredient of the proprietary blend blood formula named JOBELYN.

  • MAN, LCCI profer options to boost electricity supply

    MAN, LCCI profer options to boost electricity supply

    • ‘Implement Electricity Act 2023’

    Members of the Organised Private Sector (OPS) have put forward some options to address the critical issue of electricity supply.

    Two key members of the OPS, Manufacturers Association of Nigeria (MAN) and Lagos Chamber of Commerce and Industry (LCCI), noted that improved electricity supply would ameliorate the issue of inadequacy, reduce the disruptions occasioned by frequent outages and, in turn, improve energy security.

    To achieve this, MAN said a dynamic implementation of the Electricity Act 2023 would increase private investment in renewable energy, enhance energy efficiency and improve electricity supply particularly to the manufacturing sector.

    The Electricity Act 2023 replaced the Electricity and Power Sector Reforms Act 2005. The Electricity Act 2023 decentralised the sector, legally permitting states, private companies and individuals to generate, transmit and distribute electricity.

    The Act also said without a licence, but an undertaking, any private individual or company is empowered to generate not more than 1Mw (Megawatt) of electricity in aggregate at a location.

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    It also said subject to the determination of the Nigerian Electricity Regulatory Commission (NERC), private individuals or companies can sign an undertaking to distribute electricity of not more than 100 Kilowatts in aggregate at a location.

    The Act further said power generation licensees are obligated to meet renewable energy generation as prescribed by the NERC. NERC will only surrender regulatory responsibilities to states with established electricity market laws.

    If well implemented, private sector operators believe that the Electricity Act 2023 will be a major game-changer, as it will address the numerous constraints within the power sector.

    Apart from helping to reduce the cost of alternative energy for manufacturers, which currently stands at over 40 per cent, it will, according to them, usher a regime of competitive and lower electricity tariff, and also improve inflow of Foreign Direct Investment (FDI).

    MAN Director General Mr. Segun Ajayi-Kadir said a dynamic implementation of the Electricity Act 2023 will also increase private investment in renewable energy, enhance energy efficiency and improve electricity supply to the manufacturing sector.

    Ajayi-Kadir, who made this known in the ‘Manufacturing Sector Outlook for 2024’ released last week and made available to The Nation, therefore, encouraged sub-national governments and private investors to leverage the opportunities provided by the Electricity Act 2023 to improve energy security in Nigeria.

    The LCCI also weighed in on the matter, expressing worries over the lingering crisis in the nation’s power sector and its impact on businesses and accordingly, insisting on the urgent need to address the structure of the power sector.

    LCCI DG Dr. Chinyere Almona said there is need for government to consider bringing private sector investment into the transmission segment of the power sector, noting that this would ensure adequate technical and financial capacity for a well-functioning sector to power economic growth.

    Dr. Almona’s position was part of the Chamber’s response to President Bola Tinubu’s New Year address to the nation.

    She said the administration’s commitment to power projects, including the Siemens Energy initiative and efforts to enhance the reliability of transmission lines, was a positive step towards addressing the critical issue of electricity supply.

    According to her, such commitment aligned with the business community’s aspirations for a robust and diversified economy.

    “However, there is an urgent need to address the structure of the power sector. The government needs to consider bringing private sector investment into the transmission segment of the power sector,” Dr. Almona emphasized.

  • Lonely man kills self by hanging

    Lonely man kills self by hanging

    A lonely middle-aged man identified as Yakubu Mamza, has killed himself by hanging.

    Yakubu Mamza who lived in an uncompleted building at a housing estate in Jimeta, Yola, was found dangling from a rope tied to a rod on the fence of his abode, according to information obtained by The Nation Friday morning.

    Apart from the fact that he lived a lonely life and was a father of three children, all of them girls, there was no indication of what might have prompted the man to take his own life.

    This particular suicide comes just about two days after a young lady in neighbouring Viniklang, Girei Local Government Area, drank a local poison called Otapiyapiya and reportedly died after losing her lover to beer poisoning.

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    People with knowledge of the late Yakubu Mamza said he was separated from his wife about two years ago, following which he had been living alone.

    He was on his own at an abandoned housing project in the Yola neighborhood called 80 Housing Unit where he committed suicide.

    The Adamawa State Police Command was yet to speak on the incident up to Friday afternoon when this story was filed.

  • MAN proffers alternative solution to power supply

    MAN proffers alternative solution to power supply

    The Manufacturers Association of Nigeria (MAN) has offered its members an alternative solution to addressing the unstable power supply problems that affects operations and production in their factories.

    Chairman Cross River/Akwa Ibom Branch of MAN, Mr Akin Oyediran, disclosed this during the association’s 16 Annual General Meeting, (AGM) and Public Lecture on Friday in Calabar.

    Mr. Oyediran said electricity supply is a major challenge to manufacturers. The public power supply is both inadequate and unreliable. The cost of generating own electricity is daily escalating with high cost of diesel, electricity generators and spare parts.

    According to him, manufacturers must change their orientation and start looking for effective ways to solve their teething problems such as poor power, finance among others.

    “MAN came up with an initiative where a power system is constructed in a factory without the owners of the factories going to the banks to seek loans.

    “When this system is installed, the factory owner pays for usage gradually for 15 years and after 15 years, he owns the system, meanwhile, he no longer has anything to do with diesel or the power holding companies,” he said.

    He advised Nigerians to patronise made-in-Nigeria goods adding that for every one dollar spent on a foreign product, it makes the product and the foreign company better while local manufacturers die.

    According to him, it is sad that some Nigerians in the corridors of power still came out to demand imported cars when there were local manufacturers in the nation.

    He also maintained that Nigeria government cannot fix the exchange rate issues in the nation until the manufacturing sector is made vibrant.

    The theme of the AGM was: “sustaining local production in a challenging and competitive economy; the manufacturer’s perspective”.

    Oyediran said one of the major challenges manufacturers had was never looking at innovation but relying on government to change things, adding that this system never worked.

    “We can have geniuses in the Central Bank of Nigeria (CBN) and government but if we are not making, consuming and selling what we make, we will end up with beautiful presentations of Nigeria being a growing economy that never grows.

    “We need to fix this country and the only way is through manufacturing; we need to dig out things from the ground and transform them to things we can use and sell, otherwise, we are wasting time as a nation,” he said.

    Also speaking, the state governor, Bassey Otu who was the Special Guest of Honour at the AGM said all over the world, no country would survive without manufacturing adding that manufacturers must be celebrated.

    Represented by Mr Bashel Justin, Cross River, Commissioner for Science and Technology, Otu said he was aware of the challenges faced by manufacturers in the state which had made many of them fold up.

    “We are poised to addressing multiple taxation and building from where the previous administration in the state stopped in turning the state from a civil service state to a production state through partnerships,” he said.

    Managing Director Champion Brewery and member of MAN, Dr Adoga Inalegwu, said it was time for the nation to start looking at development through manufacturing.

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    He added that the brewery which is based in Akwa Ibom was expanding to ensure that their products get to all nooks and cranny of the nation.

    In his lecture at the AGM, the guest lecturer, Mr. Imo-Abasi Jacob, Managing Director/CEO, Akwa Ibom State Investment Corporation noted that Cross River and Akwa Ibom states should develop policies that encourage the manufacturing sector especially those utilizing locally sourced raw materials to site their factories in the region to develop the value chain for local products create employment and development to the communities.

    President of MAN Otunba Francis Meshioye in his message to the AGM re-assured participants that the association will continue to give priority to issues affecting the manufacturing sector.

    “We shall continue to strive towards ensuring that Government provides the much-needed enabling environment for our huge investments to thrive and create jobs for our youths,” he maintained.

  • MAN: NME, NIRAM Expo will create deal flow for stakeholders

    MAN: NME, NIRAM Expo will create deal flow for stakeholders

    The Nigeria Manufacturing and Equipment Exhibition (NME Expo) and the Nigeria Raw Materials Exposition (NIRAM) will showcase a wealth of investments, trade and partnership opportunities with special spotlight on deal flow that promises to reshape the African manufacturing landscape.

      The Director General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, in a statement, said this year’s edition with the theme ‘Future Manufacturing: Building a Sustainable Roadmap to the Industrialisation of Nigeria” emphasis on “Deal Flow” as being the key to manufacturing and industry growth.

     He said deal flow will be the expo’s central focus, aiming to facilitate meaningful partnerships, investments, trade opportunities and collaborations that drive innovation and growth.

     The MAN DG, in the statement, which was made available to The Nation, said one of the key highlights of the NME/NIRAM Expo 2023 will be Investor Meet-ups, which will host exclusive sessions where investors can connect with promising manufacturing enterprises looking to expand, innovate, or secure funding.

    There will also be Business-to-Business (B2B) Connect, which, according to him, is a dedicated platform that will enable participants to pre-schedule meetings with potential partners, ensuring valuable face-to-face interactions.

    Ajayi-Kadir also said there will be Industry Insights that will allow renowned manufacturing experts and leaders of thought to share insights on emerging manufacturing trends, investment strategies and market opportunities.

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    Other key highlights, according to him, include the Exhibition Zone, which will feature a curated selection of cutting-edge manufacturing technologies, solutions and investment-ready projects; and Networking Opportunities, which will enable participants engage in high-level networking with industry players, government officials and representatives from international trade missions.

    According to the organisers, the NME/NIRAM Expo 2023 will be a catalyst to facilitate deal flow which creates a significant opportunity for manufacturing companies to learn, meet new potential clients, engage with one another to find out how to deal with manufacturing challenges and ultimately grow their manufacturing businesses.

    In addition, the event further supports the development of intra-Africa trade with many African countries being represented.

    “The potential impact of the event would be felt for many more months after, as manufacturing companies further unpack the leads and contacts they would derive from the event, thus creating potential opportunities for engagements and business interactions,” says Bunmi Aliyu, Managing Director, Leoht Africa.