The Pan African Manufacturers Association has endorsed the Federal Government’s latest initiative on the side of a long-term industrial funding and energy stability for manufacturers.
Securing low interest and long-term capital is still very important in reviving the factory output in the region, PAMA officials stated in a statement issued after the Manufacturers Association of Nigeria’s 54th Annual General Meeting. High borrowing rates and unreliable power supply have always been a challenge for industrial operators in West Africa, as they cut into their factory margins.
The regional manufacturing body said that institutional accountability is crucial to delivering policy commitments in the factory. The public-private partnership should go beyond talk and focus on structural constraints that impede local production chains, the association said.
The African Continental Free Trade Area was also discussed during the recent general meeting as a strategic opportunity to take advantage of the free trade area in Africa. Improving cross-border supply chains makes it easier for manufacturers to procure their raw materials from near by as opposed to being 100% reliant on the volatile foreign exchange markets.
PAMA applauded the leadership change in Manufacturers Association of Nigeria with the election of Dr. Ifeanyi Okoye as the 12th president of the organisation. Okoye replaces Otunba Francis Meshioye who was sacked as the new industrial stakeholders demand wider monetary interventions.
Economists note that though the government credit schemes provide temporary eases, the long-term viability of industries is a matter of the availability of adequate energy infrastructure and low interest rates. If these basics are lacking, domestic factories have trouble competing with imported products.
Comments0
Sign in to join the conversation
Share your perspectives and engage with other readers.