Nigeria’s high and rising cost environment continues to shrink manufacturers’ profitability and, in many cases, threaten the existence of many operators in this critical sector of the economy.

More worrisome is the fact that the manufacturing sector that should propel job creation, productivity, and economic growth is enmeshed with series of challenges that constantly limit its contribution to the Gross Domestic Product (GDP).

Speaking at a media briefing in Lagos, ahead of the 52nd Annual General Meeting (AGM) of Manufacturers Association of Nigeria (MAN), the Association’s President, Otunba Francis Meshioye, said this was what informed the choice of the AGM’s theme, “The Imperatives of an Intentional Development of the Nigerian Manufacturing Sector.”

He said there is need to urgently address the binding constraints that make local products uncompetitive, otherwise, the economy may continue on the downward trend with no certainty on when it will rebound.

“The choice of the theme for this year speaks volume about our direction and resolve to birth a thriving manufacturing sector,” Meshioye stated, noting that the theme was couched with a deep reflection on the growth trajectory of the manufacturing sector in Nigeria.

The MAN President said apart from being a statutory requirement, the 52nd AGM, scheduled to hold from 22 –24 October, 2024, at Lagos Oriental Hotel, presents a veritable platform for deepening Man’s advocacy mandate.

“We have another opportunity to engage with our members, critical stakeholders and partners to examine our performance in the past year and chart a new part forward,” he said.

According to him, MAN will continue to partner with governments with a view to co-creating innovative solution that will free the Nigerian economy from its lackluster performance and place it on the path of productivity, sustainable growth and development.

Meshioye revealed that the President/CEO of the Africa Finance Corporation (AFC), Mr. Samaila Zubairu, will be Guest Speaker at the 4th edition of the Adeola Odutola Lecture/Presidential Luncheon slated for the third and final day of the AGM on Thursday, October 24.

He said Zubairu, who has been at the helm of affairs at AFC for the past six years and has achieved remarkable milestones, will speak to the imperatives of an intentional development of the manufacturing sector.

There will also be an opening ceremony of a 3-day Made-in-Nigeria Exhibition scheduled for Tuesday, October 22, 2024.

The exhibition will be a convergence of industry players, government officials, marketers, as well as consumers to experience a new exposure to quality products that are made in Nigeria and ultimately, attract patronage of locally manufactured goods.

The Director General, Bureau of Public Procurement. Mr. Olusegun Omotola, will declare the exhibition open.

He will be joined by other dignitaries to draw attention to patronage of made in Nigeria products at the exhibition where over 100 exhibitors will be showcasing their products.

Meshioye said the exhibition, which will continue the next day, Wednesday, October 23, will have the members only 52nd AGM Private Session holding simultaneously.

“Additionally, we shall be featuring a value addition presentation by KPMG on embracing sustainable finance; as well as an awareness session on GEF-UNIDO & IEE RECP project,” he stated.