The Manufacturers Association of Nigeria (MAN), on Thursday, called on the federal government to continuously improve macroeconomic indices, citing the cost of manufacturing shipment which rose to 22.16 percent in Q1 2024 from the 19.48 percent recorded in Q4 2023.
Dr Oluwasegun Osidipe, Director of Research and Advocacy, MAN, presented the Q1 2024 MAN CEO’s Confidence Index (MCCI) Reports to the journalists in Lagos.
He attributed the shipment costs to policy inconsistency, poor infrastructure and high logistics costs associated with foreign exchange rates.
He said that the manufacturers are calling on the ports authority to ensure the adequate installation of scanners, functional CCTVs and adopt digital automation of all the ports processes to aid clearing of goods at the ports.
The MAN CEO’s also called for the decentralisation of seaports nationwide to decongest the ports in Lagos.
The CEO’s also enjoins the ports authority to upscale the involvement of the private sector in infrastructure concession window to enhance the rapid development of infrastructure including road and rail networks and the rehabilitation of access roads to the ports.
Earlier, Francis Meshioye, the President of MAN, said that the manufacturing sector plays a pivotal role in the economic growth and development of our nation, and this report sheds light on the current state of the industry, its challenges, and the opportunities that lies 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 added.
Segun Ajayi -Kadir, the Director-General of MAN, added that
undoubtedly, the manufacturing sector remains the most sustainable driver of steady economic growth, inflow of foreign exchange and enduring shared prosperity.
” MAN is therefore expectant that the government will intentionally prioritize the manufacturing sector by implementing the sector-specific recommendations contained in this report and providing the required policy support and incentives. This is the surest way of revamping the sector and repositioning the economy towards sustainable growth and development.”