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Recession: MAN Offers Panacea For Growth
The Manufacturers Association of Nigeria (MAN) has advised the Federal Government to reposition the manufacturing sector to improve on the current economic situation.
MAN President, Mr Frank Jacobs, gave the advice in an interview with newsmen in Abuja, yesterday.
Jacobs was reacting to the recent statistics on inflation released by the National Bureau of Statistics (NBS) that put the rate of inflation in the country at 17.1 per cent in July.
According to Jacobs, “An inflation rate of 17.1 per cent, as reported by the National Bureau of Statistics, is severely harmful to the economy.
“It is significantly responsible for the rolling contraction in Nigeria’s output since the first quarter of 2016 when the economy grew by -0.36 per cent and in the second quarter by -2.06 per cent.
“Over the period mentioned above, the cost of raw materials and manufacturing inputs had risen while capacity utilisation declined,” he said.
According to him, working capital in the sector has increased beyond the norm.
Jacobs said the aggregate consumption of household goods had fallen due to high inflation that had reduced significantly the real family income.
The president said issues like: unemployment, wealth creation and internally generated revenue would be tackled if government could reposition the industrial/manufacturing sector through viable policies.
“The diversification of the economy cannot be truly achieved if the manufacturing sector is neglected,” Jacobs added.
He urged government to implement its resource-based industrialisation and backward integration policies in developing key mineral resources.
Jacobs said this should include those with high inter-industry linkage such as: iron ore, zinc-led, bitumen, limestone and coal.
He said policies geared toward backward integration in the agricultural sector would serve as catalyst to the provision of food for Nigerians and industrial input for the manufacturing sector.
The MAN president explained that the deregulation of the downstream petroleum sector should be pursued vigorously to encourage private investment in domestic refining and petrochemical industry.
Jacobs said the current special foreign exchange window created by the Central Bank of Nigeria (CBN) for importation of industrial raw-materials and machinery should be well managed and transparently too.
“At this period that the economy has gone into full recession, government must address the real issues that led to the inflation and adopt economic policies that will mitigate the situation.
“For instance, in the short term, funds should be made available to the manufacturing sector at five per cent interest rate.
“Also, the 41 items of raw materials that were excluded from the foreign exchange market by the CBN should be reviewed, especially, now that the country operates a flexible foreign exchange regime.’’
He advocated adequate and sound support infrastructure that would encourage more domestic production in terms of volume of output and cost effectiveness.
“Government can address the infrastructure gap by domiciling gas price in naira for manufacturing industries as against the current dollarization so as to boost electricity self-generation by industries.’’
He said the government should take a second look at the electricity privatisation as the current operators seemed to be confused and lacked the capacity to achieve the desired results.
“The infrastructure gap can be addressed by encouraging strong Public Private Partnership (PPP) in rail transportation and rehabilitation of existing roads and construction of new ones that would open up the country in terms of movement of goods.
“If these issues are sufficiently addressed, domestic commodity production will be boosted and this would lead to increased foreign commodity substitution.
“The result will be a gradual receding of inflation rate from the current 17.1 per cent to a desired level where the economy will be stable,’’ Jacobs said.
The Mayor of Housing, My-ACE China, has teamed up with a renowned hospital group in Port Harcourt, the Meridian Hospitals, which is in partnership with the Pilgrims Health Foundation, to carry out a one-day medical outreach last Tuesday.
The free treatment scheme took place at Oromenike Government Girls Secondary School in D-Line, Port Harcourt, with over 100 persons accessing free treatments, including free eye-glasses and booking for eye surgeries.
Other areas of treatment included general health consultations and treatment; blood pressure and sugar level testing; malaria testing and treatment; free prescriptions; preventive health talks focusing on hygiene, maternal health, and nutrition.
The scheme was conducted under the theme: ‘Bringing Healthcare to the Community.’
Newsmen who visited the venue of the scheme found that enthusiastic beneficiaries had thronged the area as early as 7a.m. After setting up, the medical team began attending to the patients.
Mr. Jerry Onwuso, a 63-year-old patient, who was first to see eye doctors and got eye glasses and drugs, told newsmen that he was pleased with the medical intervention.
He made it clear he did not pay any money to get all the treatments and glasses, and pleaded that the scheme be sustained.
Another patient, Loveth Sam, expressed satisfaction with the scheme and appealed to the sponsors to continue to increase the benefits.
Throwing some light on the scheme, Mr. China said he worked in Meridian Hospitals as a Lab. Scientist 19 years ago, but resigned because he could not bear to see patients struggling for life because they had no money to pay for treatment.
He said he came back to help extend free medical treatment to the less privileged.
Sources said China was always having issues with the hospital authorities when he would insist on critical patients being allowed to be treated first, with or without money.
Years later, China, who now goes by a brand name, the Mayor of Housing, returned to the Meridian Hospital headquarters to support free medical scheme.
He also went the next day to the headquarters of Meridian, after the one-day medical outreach, to give cash gifts and palliatives to workers he met when he worked there but had remained in service since he left.
He encouraged them to continue to give their all to humanity through the hospital. The Mayor of Housing called most of them by name and a cloud of emotions descended on them during the reunion.
Appreciating the gesture, the Founder and Chief Medical Director, Dr. Iyke Odo, said China had always manifested hard-work, ambition, and impulsive giving.
According to him, the then young bright boy was full of humanity, kindness, love, and made friends easily, adding that “not everybody that gives is a giver. The difference is that givers are given to give.”
Dr. Odo used the opportunity to call on governments to review Nigeria’s health insurance system and make it work in Nigeria to save lives.
He said it was sad watching critically sick persons abandoned because they did not have money for treatment.
He also condemned harsh tax and electricity tariffs whereby facilities like his now pay N12 million instead of N500,000 few years back.
He wondered why hospitals were being made to pay tariffs like oil companies, citing many other countries where medical facilities were placed on low rates and tariffs so they could charge moderate fees from patients.
The Renewed Hope Initiative in conjunction with the Rivers State Government has empowered 500 elderly citizens in Rivers State with financial support of N200,000 each.
The empowerment programme was part of activities to celebrate the third anniversary of the Renewed Hope Initiative Elderly Support Scheme RHIESS, a social investment policy initiated by the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu.
Speaking at the event which held at the Government House, Port Harcourt, recently, under the theme, ‘Finding Joy in Old Age,’ Senator Tinubu said the gesture which has become traditional since 2023 was a mark of gratitude in recognition of the invaluable contributions of the senior citizens to nation building.
The First Lady who was represented by the wife of the Rivers State Governor and State Coordinator of the Renewed Hope Initiative, Lady Valerie Fubara, said the scheme was to “support two hundred and fifty (250) vulnerable elderly citizens aged 65 and above in all the 36 states of the federation, the Federal Capital Territory, and veterans from the Defence and Police Officers’ Wives Association (DEPOWA) totalling 9,500 selected beneficiaries across the nation.
She urged the beneficiaries to engage in activities that will make them find joy in old age.
“I encourage you to continue playing your part by staying healthy and active, nurture both your body and mind through regular exercise and meaningful engagement,” Senator Tinubu advised.
On her part, Lady Fubara said the State Government through the magnanimity of the governor, Sir Siminalayi Fubara, has increased the beneficiaries of the programme from 250 to 500.
She restated the commitment of the State Government towards provision of social welfare and improving the standard of living of the elderly in the State.
Also speaking, the Executive Secretary, Rivers State Contributory Health Protection Programme (RIVCHPP), Dr Vetty Agala, said the State Government has through the Health4allrivers Initiative, introduced free medical care for senior citizens in the State, in line with the Renewed Hope Initiative.
