If the federal government did not solve the problems that these organizations confront in Nigeria, according to the Manufacturers Association of Nigeria, more businesses would close.
In an appearance on Channels Television on Monday, Director General of MAN Segun Ajayi-Kadir revealed this in response to Procter & Gamble’s (P&G) impending withdrawal from Nigeria.
He explained it away as the many difficulties that manufacturers have in the harsh operating climate of the nation.
“The news was not unexpected, but we nonetheless accepted it with grief.
“In any economy, the government must make a strategic decision about manufacturing if it want to industrialize the nation. If so, it has to do all within its power to do rid of the legally binding restrictions impeding the sector’s growth. Nigeria has not complied, hence closures are occurring.
Ajayi-Kadir emphasized that P&G’s departure is merely the most recent in a long line of firms quitting the nation. He stated that in order to solve problems like inadequate infrastructure, erratic policies, and restricted access to financing, the government must act right now.
“Gamble, it’s news because it involves GlaxoSmithKline; it’s news because they have a long history in this country,” he remarked. However, a number of companies have quietly shut down, and the causes are preventable.
Ajayi-Kadir expressed disappointment over the big corporations’ exit, but also noted that it was a chance to concentrate on supporting local producers. He thinks that boosting current producers will make the industrial sector more resilient and long-lasting.
He stated, “I believe there is a valuable lesson to be learned here.” Multinational corporations are the main ones quitting, which ought to provide the government a strong indication. We must choose carefully what we advocate for. If you have a local manufacturer that is having difficulties, he is not going anywhere. Because local investors and manufacturers are what last, we believe that while foreign direct investment is great, it should take a backseat to their empowerment.
The MAN DG expressed his worries once more over Nigeria’s manufacturing industry’s future.
He asked the government to take swift, decisive action to stop more withdrawals and guarantee the long-term viability of the industry.
It was reported that nearly 5,000 jobs are threatened as P&G plans its exit from Nigeria.
