The Manufacturers Association of Nigeria (MAN) has said that the improvement in performance that is recorded in the manufacturing sector can be traced to its ingenuity to drive economic rebound, as well as its resilience and advocacy.
President of MAN, Dr Frank Jacobs, who made the assertion while speaking to newsmen, last Friday at the Port Harcourt International Airport, Omagwa noted that the growth strategies were initiated when the sector’s performance dipped to 2.85 percent in the third quarter of last year 2017.
He said that federal government also considered and implemented some of the association’s recommendations, and offered the necessary stimulus required for survival.
According to him, to sustain the positive growth trajectory as enunciated in the 2018 budget that has a growth target of 3.5 percent government needs to effectively synthesise monetary and fiscal policies.
“The Federal Ministry of Finance, the Central Bank of Nigeria and the Federal Ministry of Budget and National Planning should further work together in developing policies that will move the non-oil sector forward.
“They should offer effective and beneficial stimulus to interest rate-sensitive sectors, to further propel growth as the economy is still largely static and fragile and requires stimulus urgently”, he said.
“The National Bureau of Statistics (NBS), puts the real GDP growth in the manufacturing sector in the first quarter of 2018 at 3.39 percent (year on year)
“The figure is higher than that of the first quarter of 2017 which was 2.03 percent and the one for the last quarter of last year which was 3.26 percent”, Jacobs posited.