Nigeria’s economy is currently in a hazardous position, and the Manufacturers Association of Nigeria (MAN) has urged the next administration, led by Bola Ahmad Tinubu, to reset it.
Bola Ahmad Tinubu’s key problems, according to Segun Ajayi-Kadir, Director General of MAN, are to stop self-destructive practices that have caused economic “hemorrhage,” he stated in a statement released yesterday.Although while the Economy is growing at an annual pace of roughly 3.52%, there remains unemployment, which is particularly high among young people at 33.3%.
The government’s debt to GDP ratio has increased from 34.5% to 37% as of late. The redesign of the national currency and the resulting shortage, an otherwise effective monetary regulation, are the most recent additions that are seriously disturbing the economy.
According to Kadir, the country’s numerous macroeconomic problems and the lack of necessary infrastructure have created rigid limitations on the economy’s potential for growth.
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The CBN should prioritize issuing foreign currency to the productive sector, “especially to manufacturers to import raw materials, spares, and machinery that are not locally available,” he advised, within his first 100 days after being sworn in. as well as taking prompt, deadline-driven action to complete the unification of the foreign exchange windows.”
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The president-elect should announce a specific policy initiative to de-risk manufacturing and release sufficient money for the sector through effective funding of special lending windows while finally resolving the lingering issues with the currency transition that have led to a more than 25 percent dip in sales of manufactured products.”
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