MAN Wants Sustainable Economic Policies In 2017

The Leadership of the Manufacturers Association of Nigeria (MAN), has called for sustainable economic policies by the Federal Government throughout this year 2017 to improve the productive sector of the economy.
A statement last Monday in Lagos by the MAN President, Chief Frank Jacobs, said that apart from government providing jobs, governments at all levels need to support the manufacturing sector as well as the export sector.
Jacobs said that “what Nigerians need is not N5,000 stipend but an economy that would provide enduring jobs, support manufacturing as well as the export sector”.
He said that Nigeria’s Silos are empty when a country like Malaysia of lesser population can shore up its economy with $30 billion from agriculture, adding that Nigeria in so many areas could be self-sufficient like Malaysia, Kenya and Ghana in agriculture and export.
The MAN boss said that Nigeria has become a failure in agriculture because of lack of planning, proper coordination and over dependence on importation and oil, stressing that the country’s budget is based on oil that is considered slippery in a situation where the oil price goes up there would be windfall for the country.
He said that the 2017 Budget of the Federal Government could bring succour to the economy of the Federal Government remained faithful to its implementation to sustain the economy, adding that the manufacturing sector, Small and Medium Enterprises (SMEs) and trade may perform better this year with the improvement in the crude oil price.
He said that the paltry 30 percent budgetary allocation to capital infrastructure was not good enough to galvanise the country’s economy from the current position.
He commended the Central Bank of Nigeria (CBN) for its policy of 60 per cent allocation of all available forex to the manufacturing sector for importation of raw materials and machinery and urged that such policy be monitored for effective enforcement and sustainability.
The MAN boss called for more allocation of forex to the manufacturing sector to increase the productivity level of the manufacturing sector in the country.

Philip Okparaji