The Federal Government must reposition the manufacturing sector to rescue the nation’s distressed economy.
Reacting to data on inflation by the National Bureau of Statistics (NBS), which put the rate at 17.1 per cent in July, president of the Manufacturers Association of Nigeria (MAN), Frank Jacobs, said the development portends huge risk to the economy.
Senator Dino Melaye (APC Kogi West), meanwhile, has called on President Muhammadu Buhari to sack three members of his economic team.
In a statement, yesterday, in Abuja, Melaye said the President must shake up his cabinet, to give room for technocrats capable of reviving the moribund economy.
He said most of the members of the cabinet are incompetent and lack capacity to deliver on the mandate of their ministries and agencies.
The members to be sacked, according to Melaye, are: Minister of Finance, Kemi Adeosun; Budget and National Planning Minister, Senator Udoma Udo Udoma; and Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
“It is significantly responsible for the rolling contraction in Nigeria’s output since the first quarter of 2016 when the economy grew by -0.36 per cent and in the second quarter by -2.06 per cent. Over the period mentioned above, the cost of raw materials and manufacturing input had risen while capacity utilisation declined,” said Jacobs in an interview with the News Agency of Nigeria (NAN)