The Accelerated Stabilisation and Advancement Plan (ASAP) has shown encouraging early results; however, the Manufacturers Association of Nigeria (MAN) has called on the federal government to concentrate on luring foreign investments targeted at increasing local productivity.

Director General of MAN Segun Ajayi-Kadir praised President Bola Tinubu in a statement for assigning the Economic Management Team Task Force to develop the plan, but cautioned that a plan alone does not produce the desired results; rather, careful, persistent, and focused implementation is needed.

He asserts that in order to move quickly, the appropriate government apparatus must be charged and engaged, and there will be repercussions if deliveries are not made on time.

“The stabilisation plan is timely given the economic downturn, and its effective implementation will be a good starting point to restore confidence in governance and the economy,” he said. Additionally, it will foster confidence in the government’s ability to draw in fresh capital and hold on to its current pool of domestic and foreign investors.

To encourage investment in the manufacturing sector, the president ought to issue specific orders to the pertinent ministries, departments, and agencies (MDAs) of the government. Foreign investors who “fly by night” won’t bring about the kind of advancement we need, want, and deserve.

Ajayi-Kadir stated that Coca-Cola’s recent pledge to spend $1 billion in the Nigerian economy is a positive indication and a show of support for the stabilisation plan. She did, however, add that the plan’s timely and complete implementation is essential to realising all of its potential.

“While the plan’s initial outcomes are positive, its complete implementation is essential to guarantee long-term economic growth.

As supporters of Nigeria’s manufacturing industry, we implore the government to keep the momentum going and carry out the plan in its entirety.

The $1 billion Coca-Cola investment, he continued, “must have been based on the assumption that certain components of ASAP would be fully implemented and sustained.”