The Manufacturers Association of Nigeria (MAN) has asserted that Coca-Cola’s $1 billion investment announcement in Nigeria must have been predicated on the full implementation of the Accelerated Advancement and Stabilisation Plan (ASAP).
MAN Director General, Mr. Segun Ajayi-Kadir, stated in a Saturday release from Lagos that the economic stabilization plan highlights the partnership between the government and private sector stakeholders.
He noted Coca-Cola’s recent $1 billion investment pledge as a positive signal and a vote of confidence in the Tinubu administration’s policies.
Ajayi-Kadir emphasized that the full and timely implementation of the plan is crucial to unlocking its potential and sustaining investor confidence and economic growth.
He said, “The early results of this plan are encouraging, but its full execution is crucial to ensure lasting economic growth. 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 we acknowledge the government’s commitment to the plan, further decisive and well-coordinated actions 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 praised President Bola Tinubu for inaugurating the Presidential Economic Coordinating Council to oversee the plan’s execution. However, he cautioned that having a plan alone is not enough.
According to the MAN D-G, diligent, focused, and unrelenting implementation is essential to achieving the desired results.
He stressed the need for the government to activate the necessary structures and enforce accountability for delays. With the current economic downturn, Ajayi-Kadir emphasized that the stabilization plan is timely, and its effective implementation is crucial to restoring confidence in governance and the economy.
Backstory
The Presidency last week announced the planned $1 billion investment by Coca Cola in Nigeria over the next five years.
- The company’s CEO, Mr. Zoran Bogdanovic, revealed this during a visit to President Tinubu, reaffirming Coca-Cola’s long-term commitment to the country, according to a statement from the President’s adviser on information and strategy.
- However, similar announcements were made sometime in 2021 without any commensurate investment on the ground.
- Earlier this year, the federal government unveiled the Accelerated Stabilisation and Advancement Plan (ASAP) targeted at inflation reduction and increase in productivity in the oil and gas sector, electricity generation, food production, and growth of small businesses across the country.
- Part of the plan includes the injection of about N2 trillion into the economy and approval for duty-free import of staple food items such as maize, rice, millet, etc.