Worried about the slow implementation of the budget, occasioned by rift between the executive and legislative arms of government, local manufacturers have warned on impending economic crisis that may arise from inertia in policy implementation.
Preparatory to the yearly general meeting of the Manufacturers Association of Nigeria (MAN), local producers want government to stimulate the economy through increased spending and by addressing lingering challenges in the sector.
MAN President, Dr. Frank Jacobs said the lingering rift between the two arms of government is affecting economic activities, thus creating concerns about the state of the nation’s economic growth that is already described as fragile.
Jacobs, while speaking ahead of the Association’s yearly meeting, said the scheduled 46th yearly general meeting and Manufacturers Annual lecture/Presidential Luncheon for the 26th and 27th September, 2018 at Lagos Oriental Hotel provide opportunity for experts and Chief Executives of manufacturing concerns in Nigeria to evaluate the performance of the manufacturing sector of the economy in the past one year.
According to him, the manufacturing sector in the past one year has witnessed mixed fortunes as well as slow-paced growth affirmed by the National Bureau of Statistics (NBS).
Though the Manufacturing Purchasing Managers’ Index (PMI) for August stood at 57.1 index points, indicating further expansion in the manufacturing sector for the 17th consecutive month, the stakeholders urged for fiscal policy measures that check unintended consequences on cost of operations of businesses, adding that inventory in the real sector is on the rise.
