…Says sustenance of ERGP will make growth inclusive
By Bimbola Oyesola
The Manufacturers Association of Nigeria (MAN) yesterday warned the Federal Government that only sustainability of the Economic Recovery Growth Plan (ERGP) policy that exited the country from the 22 months recession will make the recovery growth have meaningful impact on the nation’s overall economy and the people.
The president of MAN, Frank Jacobs speaking at a briefing on the forthcoming 45th Annual General Meeting (AGM) of the association said though the report by National Bureau of Statistics that Nigeria was out of recession was good, but questioned the sustainability.
“It may be true to say that the economic growth rate of 0.55 per cent is good. The question remains, is this growth real? Is it sustainable and can it engender inclusiveness?”, he queried.
According to him, technically. inclusive is not something one can assume, adding that the impact of a positive improvement like this should ideally be felt by all classes of citizens in the country before one can boldly assert that a growth experience is inclusive.
Noting that the open door policy used on ERGP has helped the sector to contribute meaning fully to the new growth, Jacobs said that the manufacturing sector has been gradually moving out recession since February this year.
He added that MAN intends to build on this success, more so the reason why it chose the theme of the AGM, “Recovery and Growth of the Nigerian Economy”.
The MAN President said the AGM holding between September 13 and 14, this year would further analyse how the manufacturing sector can further help Nigeria in the recovery drive, provided government continued its support for the sector. He explained that both the Central Bank of Nigeria (CBN) Governor and the Comptroller General of Customs are expected at the public session of the annual lecture that will be delivered by the former Tanzania President.