The Ogun State branch of the Manufacturers Association of Nigeria (MAN) in its 39th Annual General Meeting (AGM) held at the Park Inn by Radisson in Abeokuta on the 12th of November, 2024 has raised concerns regarding the sustainability of manufacturing industries in Nigeria. The meeting, themed “Dollar to Naira Cost, the Nigerian Manufacturers’ Dilemma: Exploring Strategies for Business Sustainability,” addressed the critical challenges and potential strategies for the resilience of Nigeria’s manufacturing sector amidst currency devaluation and economic challenges. Covenant University’s Community Development Initiative and Impact Committee (CUCDIIC) was honoured to be part of this vital discussion, represented by the Chair, Dr Asolu Aderonke, Immediate Past Executive Secretary Mrs Ruth Diji-Geske, and Mr Taiwo Owoeye.
The AGM gathered prominent industry figures and government officials, underscoring its significance in the business landscape. Distinguished guests included the National President of MAN, Otunba Francis Meshioye; Chairman of MAN Ogun State branch, Mr. George Onafowokan; and a representative of the state governor, along with other dignitaries. The event presented an invaluable opportunity to deliberate on the state of manufacturing in Nigeria, focusing on policy impacts, economic conditions, and industry growth.
The Key highlights of the AGM entailed firstly a leadership transition in MAN marked by a new era of leadership as the newly elected executives for the Ogun State branch were announced.
Secondly economic insights from the guest lecturer Mr. Ola Olubinjo who an in-depth analysis of Nigeria’s economic state, identifying the nation’s GDP growth of 1.28% as alarmingly low and indicative of severe economic headwinds. He highlighted Nigeria’s currency as one of the weakest globally, attributing these ongoing economic issues to decades of historical fiscal mismanagement. Mr. Olubinjo stressed the need for targeted strategies to address these economic challenges, proposing actionable solutions to manufacturers to strengthen their operations and sustain profitability.
Finally, CUCDIIC representatives actively engaged with industry leaders to explore collaboration opportunities that could yield substantial benefits for both Covenant University and the broader community. Discussions centred on potential projects that leverage academic-industry synergy to address local and national development needs. Industry leaders expressed enthusiasm for partnerships that would drive innovative research, skills development, and meaningful community impact.
Covenant University is dedicated to furthering these Industry alliances, ensuring that our community plays a vital role in shaping a sustainable future for the manufacturing industry in Ogun State and Nigeria at large.
Ruth Diji-geske 13/11/24