The federal government has been tasked by the Manufacturers Association of Nigeria (MAN) with developing an industrial policy to direct the country’s industrialization efforts.
At a seminar with the theme “Nigeria’s challenging economy: Strategies for recovery” to honor the country’s 64th anniversary of independence, Director General of MAN Segun Ajayi-Kadir delivered the keynote address.
In order to improve coordination amongst important government ministries, including the Ministry of Industry, Trade, and Investment, the Ministry of Finance, and the Central Bank of Nigeria (CBN), he contends that the government needs an industrial policy to direct its industrialization strategy.
He said, “You can’t operate in a way where you don’t know what to expect tomorrow, so I must say that policy coordination is extremely important for us.” It will essentially outline our goals and serve as a manual for how we should conduct ourselves.
To ensure that industry and government move in the same direction, Ajayi-Kadir called for a more deliberate approach to policymaking and a coordinated approach with clear deliverables, expectations, and accountability measures. She also urged the government to refrain from using economic policies as a political football.
The MAN DG remarked that government officials must be made to face the penalties for enacting faulty policies that lead to economic setbacks for industry and damage firms.
“Government officials who make policies that ruin businesses must face consequences,” he said.
“You create a policy today, it turns out to be disastrous for business, and the government just modifies it, then you leave.” This is not a luxury that exists in the private sector.
“If you make a mistake, you risk losing your property and losing your business. Therefore, I believe that the government needs to start making that step as well.
