Manufacturers Closing Shop In Imo, Abia – MAN President
The Imo State capital, played host to members of the Imo/Abia states Branch of the Manufacturers Association of Nigeria, MAN.
They were in Owerri to appraise their operating environment in the passing year. Governor Rochas Okorocha also appraised the passing year when he delivered the 2017 budget speech, to the State House of Assembly.
To borrow the words of Governor Okorocha, “the year 2016, presented some of the most difficult social and economic challenges that Nigeria had experienced in recent times”. Flagging off the event, the MAN President, Dr. Frank S. U. Jacobs, lamented that “the economic situation in the country is worrisome and calls for greater synergy between the government and MAN, in order to pull the economy out of recession”.
He reminded the government that the manufacturing sector remains the most viable ally of government in this regard, as it creates wealth, generates employment and engenders skill acquisition, among other things.
“We are all familiar with the challenges the manufacturing sector is passing through and which the theme, survival of manufacturing in a depressed economy, points to”, Jacobs said.
The MAN president recalled that the Association has been canvassing for resource-based industrialisation policy for some time now, adding that “this would help to reduce the demand for forex to import essential raw materials for production”, which has been a major challenge in recent times. Incentives for investors
He recalled that not too long ago, Imo and Abia states, had a lot of natural resources that served as raw materials for manufacturing industries, adding that “because of some unfortunate developments, most of these resources have disappeared or have been neglected”.
Jacobs appealed to government to create attractive incentives for investors, that would engage in the processing of the abundant agricultural and mineral resources, from primary produce to secondary or intermediate products.
“Government has to look for viable options of making forex available for manufacturers as we must remain in production and given the fact that production of local raw materials, apart from those that are currently available, would take some time”, Dr. Jacobs said.
Continuing, the MAN President said the times were not only challenging but that the economic recession had made quite a number of the sectors to be recording lower capacity utilization and profitability, and even rightsizing their personnel profile in order to remain in business.
