The Manufacturers Association of Nigeria [MAN] has said that the World Bank and International Monetary Fund [IMF] are not doing anything to help developing countries like Nigeria grow its real sector of the economy.
Former president of the association, Bashir Borodo disclosed this at its 38th Annual General Meeting [AGM] which held in Lagos recently. He said: “Often, a timid suggestion from a developing country to inject or create money to support the real sector will meet with scorn from the World Bank and International Monetary Fund.
“Recent history has shown that Western countries that have lectured everyone about macroeconomic stability have handled their affairs poorly. There is therefore need for in-house creative solutions to solve our problems’’.
Expressing appreciation to the Central Bank of Nigeria for inviting MAN to be part of its technical committee, Borodo said some of his members were already receiving approvals for new long term facilities. Speaking on the 625MW Independent Power Project being planned by the association to boost power supply to its members, Borodo said the project couldn’t see the light of the day due to gas shortage to power the turbines.
“MAN’s Independent Power Project [IPP] started as a very ambitious project designed to produce 625MW.Land was identified and local/foreign financiers were willing to fund and or guarantee the project. It was very clear to us that MAN’s IPP project will relieve manufacturers from the mindset of lamentation to one of creating solutions to our problems.
“To our shock and grief, we discovered late in the day that the gas to power the turbines was not available. Because of this, we have to go back to the drawing board and start all over again.

Hussaini Umar