The Director General of Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, acknowledged the potency of the Accelerated Stabilization and Advancement Plan (ASAP) of the Tinubu administration, saying that it epitomizes the end product of a collective thinking of the government and relevant stakeholders in the private sector.
He commended the President for tasking the Economic Management Team Task Force to come out with the plan and the inauguration of the Presidential Economic Coordinating Council to superintend its implementation. He however admonished that a plan in itself, does not deliver. It requires diligent, unrelenting and focused implementation to achieve the desired objectives. The relevant structure of government needs to be activated and charged to put speed to action, with consequences for non-delivery within set timelines. With the downturn in the economy, he said that the stabilization plan is timeous, and effective implementation will be a good starting point to restore confidence in governance and the economy. It will also engender trust in government’s capacity to attract new investor and retain the existing ones, both local and international.
While recognizing the importance of attracting foreign direct investment, he opined that government should be intentional in attracting investments that add real value to the economy, particularly the ones that directly impact and boost productivity. He declared that “Mr. President should give specific directive to the relevant government MDAs to attract investment into the manufacturing sector, period!” “The “flight by night” foreign investors will not achieve the level of progress we seek, need and deserve.”
Ajayi-Kadir posited that while the recent commitment of Coca-Cola to investing $1billion in the Nigerian economy is a promising sign and an expression of confidence in the Tinubu administration’s ASAP, full and timely implementation is key to unlocking its full potential. He added that sustained growth and investor confidence depend on the complete rollout of the plan.
“The early results of this plan are encouraging, but its full execution is crucial to ensure lasting economic growth,” Ajayi-Kadir stated. “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 acknowledging that the coordinating minister of the economy has demonstrated and assured of government’s commitment to the plan, further decisive and well-coordinated action are needed to ensure this kind of investment (and many more to be attracted) translates into broader economic gains under President Tinubu’s government.
Ajayi-Kadir also urged the government to remain steadfast in its efforts, stressing that only with full implementation of ASSP and complementary policies can Nigeria truly realize the full potentials of existing investors and experience the desired surge in Foreign Direct Investment (FDI), with a resultant revitalization of its manufacturing sector for long-term growth.
