The Manufacturers Association of Nigeria (MAN) has urged the federal government to establish a comprehensive industrial policy to steer the nation’s industrialization efforts. This appeal was made by MAN’s Director General, Segun Ajayi-Kadir, during a forum commemorating Nigeria’s 64th Independence anniversary under the theme, “Nigeria’s Challenging Economy: Strategies for Recovery.”
Ajayi-Kadir emphasized the necessity of an industrial policy to enhance coordination among key government ministries, including the Ministry of Industry, Trade, and Investment, the Ministry of Finance, and the Central Bank of Nigeria (CBN). He stated, “Policy coordination is extremely important for us because you can’t operate in such a way that you don’t know what to expect tomorrow. It will basically define where we want to be and guide our operations.”
He called for a more intentional governmental approach that outlines clear expectations, deliverables, and accountability measures to ensure alignment between government actions and industry needs. Ajayi-Kadir warned against politicizing economic policies, stressing the importance of stability for businesses.
Moreover, he argued that government officials should face repercussions for implementing detrimental policies that harm industries and damage businesses. “There must be consequences for government officials who make policies that ruin businesses,” he stated. He highlighted the stark contrast between the private sector’s accountability and government actions, saying, “If you make a mistake, your business is gone, and you could lose your property. So I think we need to see that movement also on the part of the government.”
The call for a robust industrial policy reflects the urgent need for strategic and coherent approaches to enhance Nigeria’s economic landscape and support manufacturers in navigating the challenges of the current economy.