Segun Ajayi-Kadir, director-general (DG) of the Manufacturers Association of Nigeria (MAN), has asked President Bola Tinubu to direct ministries, departments, and agencies (MDAs) to attract investment into the nation’s manufacturing sector.
In a statement on Monday, Ajayi-Kadir said foreign investments from “flight by night” investors would not drive the progress the country needs.
“Mr. President should give specific directive to the relevant government MDAs to attract investment into the manufacturing sector,” Ajayi-Kadir said.
“The ‘flight by night’ foreign investors will not achieve the level of progress we seek, need and deserve.”
Recognising the importance of foreign direct investment (FDI), Ajayi-Kadir said the government should be intentional in attracting investments that add real value to the economy — particularly the ones that directly impact and boost productivity.
The MAN DG acknowledged the “potency” of Tinubu’s administration, noting that it “epitomises the end product of a collective thinking of the government and relevant stakeholders in the private sector”.
He commended Tinubu for tasking the economic management team task force to come up with the stabilisation plan including the inauguration of the presidential economic coordinating council (PECC) to superintend its implementation.
Tinubu had announced a N2 trillion economic stabilisation plan on July 4 — a move expected to revive Nigeria’s struggling economy.
Ajayi-Kadir, however, said a plan is only as good as its execution, stressing the need for diligent, unrelenting, and focused implementation to achieve the desired objectives.
“The relevant structure of government needs to be activated and charged to put speed to action, with consequences for non-delivery within set timelines,” he added.
The MAN boss said the economic stabilisation plan is timely and could help restore confidence in the government and economy if implemented effectively.
He said it will also engender trust in government’s capacity to attract new investors and retain the existing ones, both local and international.
‘COCA-COLA’S $1BN INVESTMENT IN NIGERIA IS PROMISING SIGN’
Ajayi-Kadir said the recent commitment of Coca-Cola to invest $1 billion in the Nigerian economy is a promising sign and an expression of confidence in the Tinubu administration’s stabilisation plan.
The MAN DG, however, said the full and timely implementation of the plan is key to unlocking its full potential, noting that sustained growth and investor confidence depend on the complete rollout of the policy.
“The early results of this plan are encouraging, but its full execution is crucial to ensure lasting economic growth,” he said.
“As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan.
“The Coca-Cola system’s $1 billion commitment must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained.
“While acknowledging that the coordinating minister of the economy has demonstrated and assured of government’s commitment to the plan, further decisive and well-coordinated action are needed to ensure this kind of investment (and many more to be attracted) translates into broader economic gains under President Tinubu’s government.”
Ajayi-Kadir urged the government to remain steadfast in its efforts, stressing that only the full implementation of the agenda for shared prosperity (ASSP) and supporting policies can Nigeria fully unlock the potentials of existing investors and achieve the desired surge in FDI.
This, he said, would lead to the revitalisation of the manufacturing sector and foster long-term economic growth.
On September 19, the Coca-Cola Hellenic Bottling Company said it would invest $1 billion in Nigeria over the next five years.