The Accelerated Stabilisation and Advancement Plan (ASAP) of the Federal Government has been recognised as effective by the Manufacturers Association of Nigeria (MAN).
In a statement, its Director General Segun Ajayi-Kadir claimed that the stabilisation plan was the perfect example of cooperation between the public sector and pertinent private sector players.
The Federal Government introduced the stabilisation plan in July with the goal of producing more crude oil and electricity while infusing N2 trillion into the economy over the following six months.
Together with significant private sector players, the goal is to raise the standard of living for common Nigerians, put the nation back on the path of progress, and create a more favourable business environment.
President Bola Tinubu was praised by Ajayi-Kadir for establishing the Presidential Economic Coordinating Council and appointing it to oversee its execution.
But he pointed out that a plan by itself is not enough to achieve the goals; instead, careful, persistent, and focused execution is needed.
The MAN DG stated that in order to move quickly, the appropriate government apparatus needed to be charged and activated, and there would be repercussions if deliveries were delayed.
According to him, the stabilisation plan was necessary given the economic slump, and its successful execution would be a good place to start in building back trust in both the political system and the economy.
“It will also engender trust in the government’s capacity to attract new investors and retain the existing ones, both local and international.
“Government should be intentional about attracting investments that add real value to the economy, particularly the ones that directly impact and boost productivity.
“Mr. President should give specific directives to the relevant government ministries, departments and agencies (MDAs) to attract investment into the manufacturing sector. The “flight by night” foreign investors will not achieve the level of progress we seek, need and deserve,” the DG stated.
According to Ajayi-Kadir, Coca-Cola’s recent announcement that it will invest $1 billion in the Nigerian economy was a positive indication and a show of faith in the policies of the Tinubu administration.
He added that sustained growth and investor confidence depended on the stability plan’s full rollout and that doing so in a timely manner was essential to realising its full potential.
“The early results of this plan are encouraging, but its full execution is crucial to ensuring lasting economic growth. As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan,” Ajayi-Kadir stated.
He said that the Coca-Cola System’s $1 billion investment had to be based on the assumption that certain components of the ASAP would be carried out in full and maintained.
“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,” he said.
