Chief Kola Akosile, Chairman Manufacturers Association of Nigeria (MAN) Southwest, says timely government intervention and policy stability will grow the manufacturing sector.
Akosile, who is the MAN Chairman for Oyo, Osun, Ondo and Ekiti States, disclosed this in Ibadan on Friday while reviewing the nation’s economy in the first quarter of 2019.
He stated that political activities and elections disrupted economic activities in the first quarter; as manufacturers were cautious in their dealings.
“But with the outcome of the 2019 elections, we believe the economy will be stable; why because we don’t expect major shift in government policies.
“We expect some stability in operational matters. During the first quarter, the sum of N200 billion was approved for some various agribusiness which we think will assist in local sourcing of raw materials.
“So generally, we are hopeful that manufacturing will pick up as well as the economy with continuity of government policies and programme,” Akosile said.
He said the business environment has been conducive in terms of policies in the first quarter.
“Because of the policies put out by the government, the business environment have become favourable. We think this will help business activities.”
Akosile said according to the National Bureau of Statistics the drop in the rate of inflation has not affected the economy particularly.
“It is marginal and does not have any major effect.” Akosile said.