The Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has expressed regret over the departure of multinational consumer goods manufacturer, Procter & Gamble from Nigeria.
He foresees the potential for more manufacturers to follow suit unless the Federal Government takes clear, redefined measures to address challenges facing the sector.
Ajayi-Kadir conveyed his sentiments on Channels Television’s Sunrise Daily on Monday, acknowledging the sadness surrounding P&G’s exit but highlighting the unsurprising nature of such developments given the challenging operating environment.
He emphasized that manufacturing is a strategic choice for any economy and urged the government to make a decisive commitment to industrialization.
Reflecting on the closures of companies like Procter & Gamble and GlaxoSmithKline, Ajayi-Kadir noted that while these multinational exits grab headlines, many other local manufacturers have quietly closed for avoidable reasons.
He stressed the need for the government to learn from these departures and implement strategic measures to remove constraints hindering the performance of the manufacturing sector.
Despite the challenges, Ajayi-Kadir sees an opportunity for the government to prioritize and promote local manufacturers over foreign investors.
He believes that the exit of multinationals serves as a lesson, emphasizing the enduring importance of supporting local investors for sustained growth in the manufacturing sector.
In conclusion, Ajayi-Kadir predicts that more exits may occur unless clear, redefined measures are taken, underscoring the need for the government to be strategic in promoting and empowering local manufacturers to ensure the sector’s resilience and growth.
