MAN President Mansur Ahmed on how Nigeria's manufacturing value chain can grow the economy

The President of Nigeria's Manufacturers Association (MAN), Mansur Ahmed, recently participated in the association's annual general meeting, where he discussed the current state of the country's manufacturing sector and the opportunities and challenges it faces. During the meeting, Ahmed highlighted the importance of engaging with key stakeholders, including the government, regulators, and industry partners, to address the concerns and fears of manufacturers and to work towards sustained economic growth. One key topic of discussion was the African Continental Free Trade Area (AfCFTA) and its potential impact on the Nigerian manufacturing industry. Ahmed acknowledged that when discussions about the AfCFTA initially began, MAN members expressed concerns about increased competition, the influx of substandard goods, and the potential challenges of the trade agreement. However, after engaging with various stakeholders over the past year and conducting a thorough study of the AfCFTA's implications, manufacturers in Nigeria are now more optimistic about the opportunities presented by the agreement. Ahmed emphasized that while there are risks involved, the potential benefits for Nigeria's manufacturing sector are substantial. Engaging with institutions like the Afri-Exim Bank and the African Union Commission has provided valuable insights and highlighted the numerous opportunities that the AfCFTA can offer. The conversation also turned to the recent GDP figures, which underscored the need for Nigeria to prioritize diversification, especially in the non-oil sector. Ahmed emphasized the importance of diversifying the economy and the manufacturing sector to reduce reliance on oil revenues. He noted that while progress has been made in sectors like agriculture, there is still a need to further diversify the manufacturing value chains to enhance competitiveness and strengthen the sector's contribution to GDP. The support and resources provided by the government, including initiatives like the Presidential Committee on Industrialization and the Economic Recovery and Growth Plan, are crucial for driving diversification efforts forward. On the topic of financing, Ahmed highlighted the challenges that manufacturers face in accessing affordable financing for expansion and retooling. The announcement of a $500 million facility by the Afri-Exim Bank targeted specifically at the Nigerian manufacturing sector is a significant development. Ahmed underscored the importance of this financial support in enabling manufacturers to scale up their operations, improve competitiveness, and take advantage of trading opportunities within the AfCFTA framework. Looking ahead, Ahmed expressed optimism about the future of Nigeria's manufacturing sector, citing the potential for growth and expansion within the AfCFTA context. By leveraging partnerships, engaging with stakeholders, and focusing on diversification and financial support, the manufacturing industry in Nigeria is poised to capitalize on the opportunities presented by regional and continental trade agreements.