WATCH THE VIDEO HERE The Africa Finance Corporation (AFC) says Nigeria’s economic output remains resilient in the face of headwinds, with softer growth projected going forward.
The AFC President, Samaila Zubairu, made this known at the Manufacturers Association of Nigeria (MAN) 52nd Annual General Meeting (AGM) on Thursday in Lagos. Zubairu, represented by the Chief Investment Officer, AFC, Sameh Shenouda, also projected that the country’s manufacturing sector was at a turning point.
He said the economy’s growth given its current trajectory was expected to weaken in the third and fourth quarters. He, however, noted that in spite of the challenges in the manufacturing sector, there was ample room for growth.
Zubairu said that the AFC, an investment grade rated multilateral finance institution, was established to help address Africa’s infrastructure needs and challenges. “Nigeria has a unique industrial potential and export competitiveness and intentional effort for scaling is needed to align with global economic realities.
“Diversification is critical with exploration in sectors like agriculture, energy, transport and the digital economy,” he said.
Nigeria’s manufacturing sector at turning point – AFC
