MAN president, Dr. Frank Jacobs
MAN president, Dr. Frank Jacobs

Manufacturers Association of Nigeria, (MAN) has told government to sell idle assets that no longer yield dividends. This will help the country out of its current economic situation.

MAN President Dr. Frank Jacobs disclosed this in Abuja today. He said funds realised from this could be used to develop structures that would enhance the economy.

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“What I will recommend is the sale of idle assets that are no longer yielding dividends to government.”

“Government can also privatise those idle assets that have become redundant, such as the refineries.”

“If the idle assets are sold off and income therefrom can properly be deployed to develop structures that will support the industrial sector, it can help to pull the country out of the recession.”

MAN: Economy Not Favourable To Manufacturers

Dr. Jacobs has also lamented the challenges of the industry. He said the economy had not been favourable to the sector, adding that past challenges still lingered on.

According to him, the challenges include indiscriminate changes in the Monetary Policy Rate. He added that this is a restraining obstacle that should be removed.

Jacobs said that the reduction of other rates, especially refinancing and bank lending rates, should be tackled. There should be special funding windows for the manufacturing sector to enhance its productivity.

FG Should Intensify Industrialization -MAN

The MAN President also emphasised the need to intensify the resource-based industrialisation programme.

“This will save the country a lot of foreign exchange currently being used in importing raw materials. It will also provide free funds for government development projects.”

He also called on government to intensify backward integration in the agriculture sector to catalyse more industrial input supply. He added that these would also free more funds for the government.

Jacobs noted that the solution to the current recession required strong government resolve and commitment to re-energise the economy for increased revenue.

“The drive by the current administration to diversify the economy is, therefore, a step in the right direction. It will insulate the economy from the present experience and future external shocks.”

He lamented that most manufacturers have resorted to the parallel market for forex, noting “this is expensive and has made their products uncompetitive, price-wise.”