The Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has expressed disappointment with the way ThisDay Newspaper reported his responses to questions on the rebasing of Nigeria’s Gross Domestic Product (GDP).
Ajayi-Kadir stated that the headline of the report was “irresponsible” and did not accurately reflect the views of MAN.
Recall that the ThisDay newspaper titled the controversial report “MAN to FG: Rebased Nominal GDP Expansion of 18.3% Not Evidence of Economic Progress”
He explained that MAN’s position on the GDP rebasing is that while the exercise is a critical statistical upgrade, it reveals that Nigeria’s economy is not industrializing yet, and its economic expansion is not backed by productive transformation.
The MAN DG highlighted the association’s concerns about the declining role of the industrial sector, particularly manufacturing, which has been shrinking in real terms over the past five years. He emphasized the need for structural industrial reforms to achieve inclusive and sustained growth.
Ajayi-Kadir reiterated MAN’s call for the government to prioritize manufacturing in policy, financing, and infrastructure development.
He also emphasized the need for an industrial-led development model, reliable and affordable energy supply, and upgraded infrastructure to support efficient production and regional trade integration.
On the possibility of Nigeria achieving a $1 trillion economy by 2030, Ajayi-Kadir noted that it is an ambitious but technically attainable goal.
However, he emphasized that it requires a strategic transformation of the economy’s foundational structure, particularly the industrial sector.
The MAN DG concluded that the GDP rebasing exercise reveals the need for urgent rebalancing of economic policies in favor of productive sectors, especially manufacturing.
He called on the government to make industrial transformation the anchor of Nigeria’s economic strategy to achieve inclusive and sustained growth.
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