The Manufacturing Association of Nigeria (MAN) has disclosed that the ravaging insecurity in the North-East has discouraged about 60% of manufacturing companies to shut down and businesses.
MAN Director General, Segun Ajayi-Kadir, stated this during a panel discussion at the 13th Anniversary Lecture in Lagos with the theme “Business and Policy Strategy: Examining the Role of Reforms in Enhancing the Ease of Doing Business in Nigeria”.
Ajayi-Kadir decried lack of robust industrial policy to promote sustainable development, attract investment, and encourage inter-sectoral collaboration.
He stressed that the manufacturing sector has been undermined by successive governments, which failed to see it as a viable economic driver.
“There is an urgent need for a policy that allows industries to engage with other sectors and supports foreign relations. Instead of promoting short-term investments, Nigeria must focus on Foreign Direct Investment (FDI) that boosts inclusive economic growth and retains value within the country.”
“When I joined MAN about 30 years ago, there were more industries in operation. Sadly, we have lost 732 members of the association, with 60% of our members in the North-East shutting down.”
Ajayi-Kadir argued that reviving dormant industries and creating conducive environment for domestic businesses is key to attracting sustainable foreign investments.
“If you make companies in Nigeria thrive and the environment favorable, investors will come. Foreign firms won’t stay when they see local businesses shutting down due to insecurity and poor infrastructure”.
