Grapevine

Manufacturers to address real sector weak competitiveness at summit

He noted the AGM, themed ‘The Imperatives of an Intentional Development of the Nigerian Manufacturing Sector,’ which would be held from October 22 to 24, reflecting the sector’s ongoing struggles, including rising costs that have affected profitability and the survival of many manufacturing firms.

He highlighted that, despite the sector’s potential to drive job creation and economic growth, it continued to face challenges that hindered its full contribution to the country’s gross domestic product.

“Our businesses have been heavily impacted by the macroeconomic and policy environment in which we operate,” Meshioye stated.

“We need to urgently address the binding constraints that make our local products uncompetitive; otherwise, the economy may continue on a downward trend with no certainty of when it will rebound.”

He disclosed that a highlight of the AGM would be the fourth Adeola Odutola Lecture, to be delivered by the President and Chief Executive Officer of the Africa Finance Corporation, Samaila Zubairu, known for his leadership in African industrialisation and infrastructure development.