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MAN seeks foreign investors for growth

By The Citizen
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The Manufacturers Association of Nigeria (MAN) has called for massive investment in the manufacturing sector to take the sector to the next level.

MAN is set to collaborate with more foreign investors to actualise the dream.

Its President, Dr Frank Jacobs said the expected investment should come from two fronts, adding that the investment will assist local investors to expand their existing businesses through the various policies of the Central Bank of Nigeria (CBN) and Bank of Industry (BoI).

He said MAN is collaborating with foreign investors who will want to take advantage of new government policies and the nation's investment climate to invest in the country, stressing that members of the association are ready to move into new areas of manufacturing through such partnership.

Jacobs said the country is full of business opportunities that investors can tap into to offset the current economic crunch in the country.

He said MAN's experience last year was the most difficult due to the fact that government attention was not properly given to local manufacturers as a result of electioneering activities.

He urged the government to focus on the manufacturing sector this year to improve the nation's economy stressing that members of the association would work with government to boost the real sector/manufacturing and agriculture.

He added that the nation has a lot of unexploited business prospect ranging from solid minerals exploitation to agro-allied and others to tap into, to create employment opportunities for Nigerians.

On the new electricity tariff, he said the implementation of the new tariff would force some manufacturers out of business, stressing that not all the manufacturers can afford to set up a power plant, as many today are using power from the grid for production together with generators.

The MAN boss said the situation is appalling for manufacturers as the 45 per cent increase in tariff translates to the closure of the few existing manufacturing outfits as many them have even been forced out of business in the last 10 years, due to inadequate power supply.

He said despite the removal of fixed charges by the Nigeria Electricity Regulatory Commission (NERC), manufacturers are still groaning under huge cost of accessing electricity for production activities.

He called on NERC to review the new tariff to save the consumers and the Organised Private Sector (OPS) from unnecessary high charges.

The manufacturers'boss said the new tariff would result in loss of jobs by many Nigerians as many companies would be forced out of businesses when the new tariff is implemented. The Nation