Category: Saturday Magazine

Despite enduring macroeconomic headwinds and structural hurdles, the nation’s manufacturing sector is finding flickers of hope amid bold policy reforms. As the real engine of economic growth, manufacturing sits at the heart of the nation’s aspirations for industrial revival. Two years into President Tinubu’s ambitious Renewed Hope Agenda, the sector stands at a crossroads—grappling with painful shocks yet bracing for transformation driven by audacious fiscal and monetary recalibrations, reports Assistant Editor CHIKODI OKEREOCHA

For decades, the nation’s economic narrative has been one of boundless promise shadowed by persistent and complex challenges. As Africa’s largest economy, the nation is endowed with vast natural resources, a burgeoning youthful population, and an enviable geopolitical stature within the continent. Yet, despite these inherent strengths, Nigeria has struggled to fully harness its potential. Chronic under-investment in critical infrastructure, pervasive corruption and a stubborn dependence on oil exports have collectively stifled the country’s progress. These longstanding impediments have slowed efforts to diversify the economy and elevate living standards, leaving many Nigerians eager for transformative change.

In this context, the recent unveiling of the Nigeria First Policy by the federal government emerges as a clarion call for economic revival and self-determination. This ambitious blueprint is designed to reposition Nigerian businesses, talents, and resources as the pillars of a new economic renaissance. It signals a deliberate and strategic pivot away from external dependency toward a future defined by economic sovereignty, resilience, and sustainable growth.

Capping a wave of strategic reforms, the Federal Government’s approval of the Nigeria First policy directive on May 5, 2025, has been widely welcomed as a bold and transformative initiative. Announced by the Minister of Information and National Orientation, Mohammed Idris, the policy mandates that all government procurement processes henceforth prioritise Nigerian-made goods and services. This directive is more than procedural; it is a deliberate and symbolic assertion of the government’s resolve to empower local manufacturers and safeguard domestic value chains. Crucially, the policy stipulates that government agencies must abstain from procuring foreign products or devices that are already manufactured within Nigeria—unless a clear, justifiable exception is made.

The Nigeria First Policy is poised to be formalised through an executive order from President Bola Tinubu, aligning with his broader economic vision to shield the Nigerian economy from the shocks of a volatile global environment. Central to this vision is the ambition to ignite sustainable industrial growth and generate jobs at a scale commensurate with Nigeria’s vast population. This move seeks to reposition the manufacturing sector as the vibrant engine of national development, catalysing economic diversification and fostering resilience.

Industry stakeholders have expressed cautious optimism about this shift. The Director General of MAN, Segun Ajayi-Kadir hailed the policy as a long-overdue lifeline. “This initiative offers renewed hope and encouragement to Nigerian manufacturers who have endured harsh economic conditions with unwavering faith in the country’s potential,” he noted. More than a mere policy statement, Nigeria First is a concrete affirmation of government commitment to nurturing a self-reliant economy. Ajayi-Kadir, a leading voice in the manufacturing community, emphasised that by prioritising locally made products, Nigeria can stimulate domestic demand, optimise capacity utilisation, and attract vital private sector investments. The ripple effects of such a shift are profound: revitalised industries, reduced unemployment, enhanced innovation, and a shrinking trade deficit—each reinforcing a stronger national identity intertwined with economic self-determination.

Complementing this perspective, Mr. Adewale-Smatt Oyerinde, Director General and Chief Executive of the Nigeria Employers’ Consultative Association (NECA), described the Nigeria First Policy as “a strategic economic imperative that organised private sector stakeholders have long championed.” According to Oyerinde, this intervention directly addresses pressing economic challenges by mandating the prioritisation of Nigerian-made goods and services. He underscored its potential to boost domestic production capacity, relieve pressure on the foreign exchange market, and invigorate industrial growth—while simultaneously creating much-needed employment opportunities. “For years, we have urged the government to fully back local manufacturers,” Oyerinde stated. “This policy provides a practical pathway toward self-sufficiency and a more robust, resilient economy.”

In sum, the Nigeria First Policy heralds a pivotal moment in Nigeria’s economic journey. It embodies a shift toward inclusive growth, where local knowledge, resources, and ingenuity take centre stage. While challenges in implementation remain, the policy’s success could redefine Nigeria’s economic trajectory—empowering its people and industries to compete confidently both at home and abroad. In this new dawn, Nigeria stands poised to reclaim its place not just as Africa’s largest economy, but as a beacon of economic sovereignty and sustainable development.

It is no coincidence that the real sector—particularly manufacturing—is widely regarded as the engine of economic growth. This recognition stems from the sector’s pivotal role in driving broad-based development. With its intricate linkages across agriculture, services, and trade, manufacturing possesses an unmatched capacity to generate employment, enhance productivity, and contribute significantly to national output. More importantly, it offers a viable pathway to inclusive and sustainable development, creating value chains that can uplift millions and drive long-term economic transformation.

Thus, it came as no surprise when the administration of President Bola Ahmed Tinubu, in alignment with its Renewed Hope agenda, set an ambitious industrialisation target: to grow the manufacturing sector by an average of six per cent annually. At the heart of this aspiration lies a broader economic vision—to elevate Nigeria into a $1 trillion economy by the year 2026, powered by a revitalised and competitive manufacturing base. In this vision, factories would hum with renewed activity, warehouses brim with homegrown goods, and the Nigerian brand, once constrained, would stand tall on the global stage.

Yet two years into the administration, a pressing question persists: has this crucial engine of growth been successfully jumpstarted? Has manufacturing lived up to its promise as the linchpin of national economic renewal? And more critically, have the government’s fiscal and monetary reforms helped to resolve the deep-rooted and emerging challenges faced by the sector?

From the outset, the Tinubu administration did not underestimate the scale of the task before it. It inherited an economy burdened by structural imbalances, including weak infrastructure, limited industrial financing, and inconsistent policy implementation—all of which had long conspired to suppress Nigeria’s manufacturing potential. But as the administration sought to clear a path for reform, it also introduced sweeping policy changes that, while bold and necessary, delivered severe short-term shocks to both businesses and households.

Chief among these were the removal of the decades-old fuel subsidy regime and the liberalisation of the foreign exchange market. While the end of fuel subsidies helped to eliminate a major fiscal drain and curb corruption within the system, it led to a sharp, nearly 500 per cent rise in petrol prices over the course of a year. For manufacturers, this translated into skyrocketing transportation and energy costs, complicating production planning and eroding competitiveness.

Simultaneously, the unification of Nigeria’s multiple exchange rates and the subsequent floatation of the naira brought dramatic currency devaluation. Between October 2023 and October 2024, the naira lost over half its value—prompting the World Bank to rank it among Africa’s worst-performing currencies during that period. The sudden depreciation sent shockwaves through the economy, significantly increasing the cost of imported raw materials and machinery that many local manufacturers still rely on.

Read Also: NECA, MAN: Nigeria First policy good for economy

While the World Bank acknowledged that the reforms eventually improved foreign exchange liquidity and helped stabilise the naira by early 2025, the path to that point was turbulent. Businesses, particularly in the manufacturing sector, were left grappling with rapidly rising input costs and reduced consumer purchasing power. The inflationary spiral sparked by these twin reforms deepened Nigeria’s cost-of-living crisis, with food and fuel prices reaching unprecedented highs. Real incomes fell sharply, and the promise of an industrial rebirth began to feel remote for many.

The impact on household welfare was profound. Nigerians faced skyrocketing prices across essential sectors—food, transportation, energy, healthcare, and education—effectively lowering living standards. Businesses, especially those in the manufacturing sector, were not spared. Otunba Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN), offered a sobering picture of the sector’s performance under these strained conditions. According to him, the combined weight of high inflation, currency depreciation, surging interest rates, escalating electricity tariffs, sluggish sales, multiple taxation, and persistent security challenges had placed manufacturers under immense pressure. These compounding factors severely eroded profitability and dampened the sector’s overall contribution to the nation’s GDP.

He noted, for example, that inflation had soared to a staggering 34.6 per cent by November 2024, drastically diminishing consumer purchasing power and triggering a slump in demand for manufactured goods. The direct consequence was a growing stockpile of unsold inventory—reportedly valued at over N1.4 trillion across the manufacturing sector. In addition, the floating of the naira significantly inflated the cost of imported raw materials and machinery, compounding the operational challenges for manufacturers already grappling with thin margins.

Interest rates, another critical factor, surged to 27.7 per cent by November 2024, pushing the cost of borrowing beyond reach for many businesses. This stifled access to credit for expansion and technological upgrades, further limiting the sector’s capacity for growth and innovation. Compounding these challenges was a steep hike in electricity tariffs—by over 250 per cent—which turned energy costs into one of the largest operating expenses for manufacturers in 2024. In response, many firms were forced to invest in alternative energy sources, further depleting their already stretched resources and making it even more difficult to remain competitive in both local and export markets. These pressures, Meshioye observed, were clearly reflected in the manufacturing sector’s dwindling contribution to Nigeria’s GDP—a troubling signal for a country that aims to industrialise and diversify its economy.

The signs of distress within Nigeria’s manufacturing sector have become increasingly evident. For instance, the sector’s share of the economy declined sharply from 16.04 per cent in Q4 2023 to 12.68 per cent in Q2 2024, underscoring a contraction in economic activity. “The combination of high operational costs, reduced consumer demand, and limited access to finance contributed majorly to this decline,” said Otunba Meshioye.

The sector’s growth figures paint an equally troubling picture. In Q3 2024, manufacturing recorded a modest growth rate of 2.18 per cent—far below the six per cent average projected by the Tinubu administration. Even more concerning, this lacklustre performance came at a time when the broader economy experienced notable improvement, expanding by 3.46 per cent—compared to 2.54 per cent in the same period in 2023 and 3.19 per cent in the preceding quarter. According to the National Bureau of Statistics (NBS), the uptick in GDP was primarily driven by the services sector, which contributed a dominant 53.58 per cent to the economy. In contrast, agriculture and industry—which includes manufacturing—accounted for 28.65 per cent and 17.77 per cent, respectively. Within the services sector, key drivers included information and communication technology (14.51 per cent), trade (12.67 per cent), and financial and insurance services (4.72 per cent).This emerging pattern of growth has raised serious concerns among industry stakeholders. Ajayi-Kadir, expressed worry over the growing imbalance, warning that the dominance of the services sector poses a major setback to Nigeria’s industrialisation goals. He cautioned that as the services sector continues to expand—without a corresponding rise in manufacturing output and employment—the country risks undermining its broader economic objectives. “The economy is set to fail in its aspirations of reducing forex demand pressures, promoting value addition, generating mass employment, increasing export earnings, driving industrial-led growth, and ensuring sustainable development,” Ajayi-Kadir stated.

Ajayi-Kadir further warned that, under current conditions, “Achieving a $1 trillion economy by 2026 is apparently difficult.” He stressed that the manufacturing sector’s anaemic growth clearly signals how it is being stifled by rising interest rates, soaring exchange rates, and escalating energy costs. According to him, the continued decline in the sector’s real growth is a stark indication of the harmful effects of prevailing macroeconomic policies. This, he explained, is also reflected in the sector’s declining nominal growth, which dropped year-on-year from 36.59 per cent to 32.97 per cent—largely driven by high inflationary pressures and the exit of major multinational manufacturing firms from the Nigerian market. “It is evident that inflation has been a major factor undermining the growth of the manufacturing sector,” Ajayi-Kadir stated. “The sector has remained especially vulnerable to an unstable macroeconomic environment, worsened by recent economic reforms.”

He lamented the simultaneous underperformance of both agriculture and manufacturing—two sectors critical to national development. Agriculture, which plays a key role in supplying affordable local raw materials for manufacturing, and the manufacturing sector itself, failed to feature among the top five fastest-growing sectors during the period under review. While insecurity in key farming regions disrupted agricultural production and had negative ripple effects on agro-allied industries, macroeconomic and infrastructural headwinds continued to suppress the manufacturing sector’s potential over the past two years.

Fiscal and monetary reforms to the rescue

Since assuming office on May 29, 2023, President Tinubu has remained unwavering in his commitment to reposition Nigeria’s real sector—particularly manufacturing—as Africa’s most productive and globally competitive. Through bold and strategic reforms, his administration has sought to lay the foundation for a reenergized economy, driven largely by private sector growth. From the now-famous declaration that “subsidy is gone” to the liberalisation of the foreign exchange regime and the signing of four executive orders aimed at addressing tax-related concerns of manufacturers and other businesses, the administration has rolled out a series of reforms designed to catalyse a swift economic rebound.

The decision to end the fuel subsidy—long criticised for being opaque, corruption-prone and fiscally unsustainable—signalled a clear intent to confront long-standing structural distortions head-on. Introduced in the 1970s to cushion the high landing costs of imported refined petroleum products, the subsidy regime had evolved into a fiscal black hole, draining billions of dollars annually from the national treasury. On another front, the unification of exchange rates led to the floating of the naira—a move welcomed by stakeholders as a long-overdue correction. Dr. Muda Yusuf, Director/CEO of the Centre for the Promotion of Private Enterprise (CPPE), hailed the development as “a bold step” capable of unlocking investment opportunities, boosting employment, and improving capital flows into the country.

Micro, Small and Medium Enterprises (MSMEs)—a vital cog in the nation’s economic machinery—also received a lifeline with the introduction of a N75 billion single-digit loan facility disbursed through the Bank of Industry (BoI). With a competitive interest rate of nine per cent and no hidden charges, the scheme allows qualified MSMEs to access up to N1 million, offering much-needed support for business growth and sustainability. In another landmark move, President Tinubu on June 9, 2023, signed the Electricity Act 2023 into law, repealing the Electricity and Power Sector Reforms Act of 2005. The new law introduces a transformative shift by legally empowering states, private companies, and individuals to generate, transmit, and distribute electricity—a step widely seen as a game-changer for Nigeria’s power sector and a critical enabler for industrial expansion.

The move gladdened the hearts of manufacturers, with Ajayi-Kadir describing the Electricity Act 2023 as “a potential game changer for the manufacturing sector—if well implemented.” His optimism stems from the staggering annual loss of N10 trillion that the Nigerian economy incurs due to electricity shortages—a figure equivalent to about two per cent of the country’s GDP. Ajayi-Kadir noted that this persistent power deficit has long made Nigeria one of the most difficult environments in which to conduct business, with the country ranked 171 out of 190 in the World Bank’s Ease of Doing Business index. He expressed confidence that dynamic implementation of the Act would attract increased private investment into renewable energy, bolster energy efficiency, and significantly improve power supply to manufacturers—three critical ingredients for enhanced industrial productivity.

Signing of 4 Executive Orders

To provide crucial buffers and breathing space for the manufacturing sector amid tightening economic conditions, President Tinubu on Thursday, July 6, 2023, signed four executive orders. These deferred the commencement of certain tax changes contained in the Finance Act and the Customs, Excise Tariff (Variation) Amendment Order, which had threatened to impose additional fiscal burdens on businesses. The executive orders primarily addressed distortions in tax exchange rates and the arbitrary application of new levies, which had previously complicated manufacturing operations. Their suspension was widely welcomed by private sector operators, who saw the move as a reaffirmation of the administration’s commitment to a business-friendly environment.

In tandem, the President established the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by renowned tax expert and former PwC Partner, Mr. Taiwo Oyedele. The Committee, comprising seasoned professionals from both the public and private sectors, was mandated to overhaul Nigeria’s tax architecture. Its scope included reforming outdated tax laws, harmonising overlapping levies, streamlining fiscal policy design, and improving revenue administration.

These efforts bore legislative fruit on Thursday, May 8, 2025, when the Senate passed the final two of four landmark tax reform bills. Together, these bills promise to modernise Nigeria’s tax administration, reduce inefficiencies, and offer a more transparent and predictable tax system for businesses. The four bills are: Joint Revenue Board (Establishment) Bill, 2025; Nigeria Revenue Service (Establishment) Bill, 2025; Nigeria Tax Administration Bill, 2025’ and Nigeria Tax Bill, 2025. Industry experts believe these reforms—especially when fully implemented—will simplify compliance, curb the multiplicity of taxes, and attract both local and foreign investment into Nigeria’s manufacturing space.

Consumer credit scheme promises a new dawn

Another strategic reform that underscores President Tinubu’s resolve to stimulate the real sector and unlock consumer demand is the Consumer Credit Scheme (CCS). Approved by the Federal Government, the CCS is designed to empower working Nigerians and small business customers to purchase products and services upfront while paying in instalments—thus boosting consumption and domestic production. The scheme’s first phase officially launched on April 21, 2024, targeting workers nationwide. It is in alignment with the President’s directive to expand access to consumer credit, thereby catalysing economic participation and enhancing financial inclusion.

Spearheading this initiative is the Nigerian Consumer Credit Corporation (CREDICORP)—a federally owned institution tasked with making consumer credit available to 50 per cent of Nigeria’s working population by 2030. In collaboration with financial institutions and cooperative societies, the CCS is expected to spur demand across key sectors, reduce reliance on informal borrowing, and bolster the manufacturing sector by expanding the domestic market for locally made goods. Industry observers see the CCS as a strategic bridge between policy and productivity—driving inclusive economic growth, stimulating the real sector, and offering a much-needed cushion for households grappling with rising living costs.

National Single Window to cut red tape and unlock billions

In a further bid to enhance ease of doing business and stimulate non-oil revenue, the Tinubu administration has revived and begun implementing the National Single Window (NSW) initiative—a centralised electronic trade platform aimed at streamlining Nigeria’s import and export processes. Originally conceptualised in 2016 but stalled due to bureaucratic inertia, the initiative was given new life under President Tinubu, who formally commissioned its implementation on April 16, 2024. Once fully operational, the NSW is projected to reduce average cargo clearance time at Nigerian ports by up to 60 per cent—a monumental shift for a country long plagued by inefficient and opaque port operations.

According to the Minister of Marine and Blue Economy, Adegboyega Oyetola, the NSW will enhance transparency, eliminate duplication of documentation, and significantly curb revenue leakages, which have been estimated to cost the Federal Government over $3 billion annually. The platform is also expected to improve national security by ensuring end-to-end traceability of trade-related activities at the country’s borders. As trade becomes more digitised and integrated through the NSW, exporters and importers will experience shorter wait times, fewer regulatory bottlenecks, and more predictable trade costs—critical factors in attracting foreign investment and deepening Nigeria’s industrial base.

Nigeria takes digital lead in Africa

In a further boost to its economic profile, Nigeria was recently named the Digital Trade Champion by the African Union (AU) under the Africa Continental Free Trade Area (AfCFTA) protocol. The recognition was conferred at the 38th Ordinary Session of the Assembly of Heads of State and Government in Addis Ababa, Ethiopia, where Nigeria’s pivotal role in the development and implementation of the AfCFTA Digital Trade Protocol, adopted in February 2024, was acknowledged. This prestigious designation underscores Nigeria’s growing influence in shaping the continent’s digital economy and affirms the government’s commitment to fostering cross-border e-commerce, innovation, and digital entrepreneurship.

Industry analysts view this recognition as both symbolic and strategic, especially as digital trade has become a critical driver of post-pandemic economic recovery and resilience. With the right support infrastructure, Nigeria could potentially become a continental hub for digital innovation, expanding its service exports and creating new economic opportunities across youth-led tech enterprises.

Manufacturers lament policy setbacks

Yet, not all of the administration’s policy moves have been met with applause. One notable sore point for local producers is the ban on alcoholic beverages packaged in sachets and small PET bottles (less than 200ml), which took effect on February 5, 2024. While the Federal Government argued that the ban was aimed at protecting public health—particularly by curbing underage alcohol consumption—industry operators raised red flags, claiming the policy was economically disruptive and poorly timed.

Manufacturers insist the ban infringes on the rights of legitimate businesses and risks destroying the investments of numerous indigenous entrepreneurs who have persevered through economic instability to sustain operations. “This blanket ban amounts to an economic ambush,” one industry source said. “It fails to account for the thousands of jobs tied to this value chain—from production to packaging to retail.” Critics argue that rather than outright prohibition, the government should have enforced stricter regulatory controls, including responsible marketing and age-verification systems, without stifling the entrepreneurial ecosystem.

Angst over Customs’ 4% FOB levy

Yet another policy threatening to undercut recent economic gains is the proposed reintroduction of a four per cent Free-on-Board (FOB) levy by the Nigeria Customs Service (NCS)—a move that has stirred palpable unease within the manufacturing sector. Although the implementation was initially suspended to allow for broader consultations with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and other critical stakeholders, manufacturers remain deeply unsettled by what they describe as an ill-timed and economically hazardous policy proposal.

Ajayi-Kadir minced no words in his condemnation of the development, describing it as “inauspicious and deeply troubling.” “If implemented, this 4% FOB levy will become an additional cost overlay on the already burdensome 1% Comprehensive Import Supervision Scheme (CISS) fee. It is a counterproductive policy at a time when manufacturers are operating in survival mode,” he warned.

Ajayi-Kadir further noted that the levy would only compound existing bottlenecks, particularly when considered alongside a potential 15% increase in port charges, an unprecedented spike in energy costs, and the volatile import duty exchange rate regime. He painted a sobering picture of the current import landscape, revealing that the cost of imports had ballooned by over 118%—from N2.07 trillion in the first nine months of 2023 to N4.53 trillion in the same period of 2024. He warned that any further levies would only deepen inflationary pressures, erode manufacturers’ competitiveness, and jeopardise the very essence of Nigeria’s industrialisation ambitions. “Our members are already overwhelmed. Introducing yet another layer of financial burden will disrupt production cycles and possibly lead to shutdowns and job losses,” Ajayi-Kadir said in a statement issued to The Nation.

Expatriate employment levy sparks concerns

In a bid to bridge the wage disparity between expatriates and Nigerian workers, the Federal Government introduced the Expatriate Employment Levy (EEL) on February 28, 2024. The levy mandates companies to pay fees for employing expatriates and sets guidelines to encourage the prioritisation of Nigerians in foreign-owned enterprises. However, this policy was met with strong resistance from manufacturers and business operators. The Manufacturers Association of Nigeria and other stakeholders urged the government to direct the Nigerian Immigration Service (NIS) to halt enforcement of the EEL, warning that the levy could deter much-needed Foreign Direct Investment (FDI) and disincentivise domestic investors alike. “The implementation of this levy without adequate consultation sends the wrong signal about Nigeria’s commitment to maintaining an investment-friendly environment and promoting ease of doing business,” they argued.

Echoing this sentiment, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, called for a balanced and pragmatic approach to expatriate employment policies, emphasizing the delicate relationship between local workforce development and sustained FDI inflows.

Operators ask the Fed Govt to walk the reform talk

Beyond policy formulation, the chorus from industry leaders is clear: bold reforms alone are not enough. For these initiatives to translate into tangible progress, they must be followed by diligent, transparent, and consistent implementation. There is a shared conviction among stakeholders that the sustained success of Nigeria’s economic recovery hinges on effective execution of reforms and strategic interventions aimed at reviving the private sector.

Supporting this optimism, the World Bank’s Spring 2025 Africa’s Pulse report forecasts Nigeria’s economy to grow by 3.6 per cent in 2025, building on an estimated 3.4 per cent expansion in 2024. The report further anticipates growth strengthening to 3.8 per cent by 2027, assuming the continuation of current macroeconomic reforms. Industry voices underscore the importance of ongoing efforts. Otunba Meshioye, a respected figure in the manufacturing sector, noted that the sector’s trajectory and the broader economy’s health will depend largely on the successful implementation of passed tax reforms, macroeconomic stability, and investments in infrastructure and technology.

Ajayi-Kadir affirmed this outlook, stating: “Given the series of fiscal and monetary reforms under this administration, we expect the contraction of the economy to ease, ushering in a period of modest growth and exchange rate stability in 2025.”

Other urgent recommendations from manufacturers

To accelerate the revival of the manufacturing sector and sustain economic growth, manufacturers have urged the Federal Government to urgently address several critical challenges facing the industry. Key among their demands is a suspension of further electricity tariff hikes and a review of previous increases, which have significantly escalated operational costs. They also called for a halt to the persistent interest rate hikes and urged the Central Bank and commercial banks to provide single-digit interest loans tailored for manufacturers to ease their financing burden.

Expanding access to industrial credit remains a priority, with calls for the Bank of Industry’s capital base to be strengthened, thereby enabling greater support for manufacturing enterprises. Manufacturers also stressed the need to reverse the 15 per cent increase in port charges and fast-track the implementation of the National Single Window project to slash trade costs and reduce delays at ports. They further recommended the adoption of a transparent and predictable exchange rate mechanism for customs duties to stabilize import costs and advocated for enhanced collaboration between monetary and fiscal authorities to ensure policies are aligned and mutually reinforcing for economic growth.

“We hope for stability in the foreign exchange market and easing of the inflationary pressure,” added Sola Obadimu, Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA). Obadimu emphasised that the anticipated resurgence of the manufacturing sector in 2025 is largely hinged on a stable forex market that will allow manufacturers to plan their production cycles and manage costs effectively. He also noted that declining inflation rates would pave the way for lower interest rates, creating a more conducive environment for business growth.”

Echoing this optimism, MAN President Ajayi-Kadir expressed confidence that a combination of foreign exchange stability, revised power pricing mechanisms, and effective tax reforms could drive the manufacturing sector to achieve 10 per cent growth in 2025. “If all these measures are implemented effectively, we expect a significant improvement in the sector’s performance and growth,” he concluded.