The industry called on the Federal Government to sustain existing home-grown digital systems that deliver full visibility of excise operations.
Executive Director, Beer Sectoral Group of MAN, Abiola Laseinde said the tax stamps (digital identifiers also referred to as tack and trace systems) will be counterproductive.
She warned that the system presents operational challenges and financial risks that could undermine the fragile recovery of the manufacturing industry and the Nigerian economy.
She added in a statement that “the tax stamps system is largely inefficient, causing production slowdowns, distribution delays, product stock-outs, and high compliance costs.”
She explained that the industry is concerned that this proposal is coming at a time when operators are already “grappling with rising excise rates, foreign exchange volatility, and high inflation—making the additional burden of implementing tax stamps a serious threat to business sustainability”.
“Tax stamps are often positioned as a solution to illicit trade, would have no benefit to beer as there is zero illicit in the sector. The brewing process is complex, the product is bulky, and resale value is low—making counterfeiting unprofitable. It is also pertinent to note that the beer industry already maintains strict compliance, with digital counters, on-site Customs officers, and auditable records in place.”
The Federal Government has already invested in digital systems that deliver full visibility of excise operations. Most recently, the Nigeria Customs Service (NCS) successfully launched and piloted the B’Odogwu automated Excise Reporting System (ERS), a modern platform that digitizes excise administration. ERS replaces manual registers with an automated process that:
– Tracks production volumes and excise computation in real time
– Enhances compliance monitoring through full transparency
– Creates an auditable digital trail that reduces leakages and inefficiency
Giving alternatives to the government, the beer industry, Laseinde said: “Accordingly, we urge the government to consider the following actions in the national interest:
.Rescind the proposed rollout of tax stamps to avert disruption to production, jobs, and revenues.
.Consolidate and strengthen existing systems like Customs’ ERS and FIRS e-Invoicing, which are effective, transparent, and locally driven.
Beer makers, bar owners, and government officials gathered in Lagos and Abuja to spotlight Nigeria’s nightlife economy, underscoring the cultural and commercial importance of bars.
The initiative, called Cheers to Bars, was organised by International Breweries Plc, a subsidiary of AB InBev. The events featured Castle Lite, one of the company’s brands, and brought together representatives from Manufacturers Association of Nigeria (MAN), ministries of Trade and Investment, and Finance, with retailers and consumers.
Speakers said bars are more than drinking spots, describing them as community hubs and small business engines.
Representing director general of MAN, Joseph Oleleke, said: “International Breweries has contributed to the economy, employment, and revenue to the government. Bars are cultural institutions where people connect, share stories, and build community.”
The gatherings also highlighted challenges and opportunities in the sector. Retailers said campaigns like Cheers to Bars draw attention to their role in sustaining economies.
According to the managing director of AS Bar, Adeyemi Aishat, “Castle Lite is a profitable and highly demanded brand, and this initiative will strengthen the bond between the brand, bars, and people.”
Beyond the celebrations, International Breweries pointed to its Growing Retailers Innovatively Together (GRIT) programme, through which over 1,000 retailers received training to expand their businesses.
The events in Lagos and Abuja mixed speeches with music and entertainment, but the broader message, participants said, was about recognition of the sector’s role in job creation, community life, and Nigeria’s wider economy.
To uphold the Nigeria First policy and protect local industry, the Manufacturers Association of Nigeria (MAN) has called on the Federal Government to urgently intervene by ensuring that the fencing materials for the Lagos Airport Perimeter Fencing Project are sourced from competent Nigerian manufacturers.
MAN Director General Segun Ajayi-Kadir, in a statement, over the weekend, said this is not a call to influence the award of the contract, but a patriotic appeal to align procurement decisions with national interest for the collective benefit of Nigeria’s economy and wellbeing of the people.
MAN commended the Federal Government for its initiatives to sustain national infrastructure and draw its attention and that of Nigerians to a matter of urgent national importance, namely the ongoing procurement process for the Murtala Mohammed International Airport, Lagos, Operational Perimeter Fencing and Security Surveillance Project.
However, Ajayi-Kadir, in the statement, which was made available to The Nation, said: “It has become a matter of national interest for the contractor handling the project to ensure strict adherence to the Executive Orders 003, 005 and the imperatives of the President Bola Ahmed Tinubu’s Nigeria First Policy.
“In particular, we strongly maintain that, in considering the procurement of Clear Vu fencing, indigenous manufacturers should be given priority consideration and it should NOT be purchased from outside Nigeria.”
He stated that while MAN acknowledges the competence of the foreign manufacturer, “The Association emphasizes that Nigerian companies have the proven capacity and technical expertise to produce fencing materials of equal — if not superior — quality that meets international standards.”
The MAN DG pointed out that importing fencing materials for this project would not only undermine the Federal Government’s Nigeria First policy, but also deprive Nigeria of critical benefits, such as job creation for Nigerian youth and skilled workers.
He added that it would also deprive the nation of foreign exchange savings at a time when the economy must prudently manage its forex stock, including loss of tax revenues and government earnings through local production.
Ajayi-Kadir also argued that importing fencing materials for the project will deny Nigeria the chance to strengthen her industrial base and security through self-reliance.
According to him, “This call became necessary as Nigerian manufacturers, regrettably, lost out in similar situations in the past. In this particular instance, despite MAN’s advocacy, fencing materials for an airport project were imported from South Africa. That decision discouraged local industries and contradicted the government’s stated local content policies”
MAN said it strongly believes that this administration has the opportunity to correct past errors. “The Lagos Airport fencing project presents a clear chance to demonstrate that the Nigeria First policy is not just an aspiration, but an intentional policy of government that will be matched with unfettered implementation,” it stated.
The statement reaffirmed MAN’s commitment to supporting the government in its Nigeria First policy, advancing inclusive growth and ensuring that government procurements impact the lives of Nigerians and promote Nigerian businesses.
The Nigeria First Policy, recently reaffirmed by President Bola Ahmed Tinubu, rekindled the confidence of Nigerian manufacturers. The policy builds on earlier Executive Orders 003 and 005, which mandate the prioritisation of locally manufactured goods and services in public procurement.
Accessing affordable, long-term finance is arguably, one of manufacturers’ pain points. Against the backgroung of the borrowing cost environment, there is a rethink in favour of alternative financing models amid continuing clamour for interest rate cut to address the financing gaps. Assistant Editor CHIKODI OKEREOCHA reports.
For manufacturers and indeed, businesses in Nigeria, wisdom begins with the fear of traditional bank loans, which have become increasingly unaffordable amid rising interest rates. With average interest rates in Nigeria currently exceeding 30 per cent, high cost of accessing affordable, long-term finance for business operations has become perhaps, the most excruciating heartache for manufacturers and businesses across sectors.
For instance, in 2024 alone, cost of finance jumped by over 44 per cent to reach N2.06 trillion, up from N1.43 trillion in 2023. And the implications of this sharp increase in cost of accessing finance are far-reaching and depressing.
The Director General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, put the situation in perspective when he lamented, for instance, that poor access to long-term funds and high borrowing costs have directly depressed productivity and led to under-utilization of industrial capacity.
“The high cost of credit has not only diminished the flow of investments into the manufacturing sector but also dulled return on existing investments, with Small and Medium Industries (SMIs) hit the hardest,” he said.
Ajayi-Kadir, who bared his mind at a recent manufacturing conference in Lagos, themed “Unlocking Nigeria’s Manufacturing Potential: Strategies for Sustainable Growth Amid Economic Turbulence,” emphasised that financing remains a hurdle for manufacturers and other businesses.
He said with long-term funds scarce and average borrowing costs from commercial banks in 2024 increased to as high as 35.5 per cent, up from 28.06 per cent in 2023, compared to eight per cent in South Africa, for instance.
The MAN DG pointed out that apart from suffocating the manufacturing sector’s capacity, Nigeria’s high borrowing cost environment has been compounded by other limiting factors such as forex losses, rising raw material costs, high energy prices, multiple taxation, infrastructural deficits and policy uncertainties.
According to him, small, medium and even large-scale manufacturers are now finding it increasingly difficult to stay afloat, expand production lines, or even meet basic operational costs.
“When credit is priced highly, production declines and the nation imports poverty,” Ajayi-Kadir emphasised, adding that MAN’s concerns over the high cost of funds go beyond the debilitating impact on members’ businesses.
“The Nigeria First policy, which seeks to strengthen local industry and reduce import dependence, may be under severe threat, because at the heart of its successful implementation lies access to affordable financing to boost capacity utilization,” he stated.
Ajayi-Kadir is not alone in his lamentation. The Managing Director of Coleman Wires and Cables Industries Limited, Mr. George Onafowokan, also expressed worries that the prevailing elevated borrowing costs are strangling working capital and stalling planned expansions by manufacturers and businesses across the country.
“Access to affordable financing remains our most urgent concern,” Onafowokan, who doubles as Chairman of the Ogun State branch of MAN, stated, during the Private Session of the 40th Annual General Meeting (AGM) of the branch, held in Abeokuta, the Ogun State capital, recently.
Delivering a sector-focused address highlighting the challenges manufacturers face amid Nigeria’s turbulent economic climate, Onafowokan lamented that high interest rates are a contributory factor to the declining contribution of the manufacturing sector to Nigeria’s Gross Domestic Product (GDP), which fell from 16.04 per cent in Q4 2023 to 12.68 per cent by mid-2024.
He listed other factors that forced the sector’s decline to include rising inflation, naira depreciation, and escalating energy costs, which, according to him, have significantly increased production expenses, reduced consumer spending, and eroded profit margins.
“Manufacturers are operating under intense pressure. Consumer spending is down, margins are tight, and opportunities for innovation or expansion are being stifled,” Onafowokan said, blaming the situation particularly as it concerns high interest rates on what he termed as “CBN’s aggressive monetary policy stance.”
He noted that CBN raised the Monetary Policy Rate (MPR) six times in 2024, peaking at 27.5 per cent by year-end. This, he said, led to lending rates of 28.6 per cent to 35 per cent for manufacturers.
Indeed, CBN’s decision to maintain the current 27.5 per cent interest rate has never gone down well with manufacturers, with MAN insisting that rate cut will help push back inflation, reduce the prohibitive borrowing cost and also attract significant investments.
The Association, while reacting to CBN’s Monetary Policy Committee (MPC) meeting held from July 21 -22, 2025, which maintained the current interest rate, argued that the policy stance is not sufficient to address inflationary pressure and reposition the economy on the path of growth.
MAN did not hold back in its opposition against the MPC’s decision to maintain the current interest rate, arguing that it has negative implications on the manufacturing sector. “MAN’s expectation is to have a rate cut that is supported by a robust fiscal policy framework capable of facilitating improved access to long term loans, enhanced productivity and sustained economic growth,” Ajayi-Kadri said.
He stated that while MAN acknowledges the MPC’s efforts to stabilize the monetary parameters with the view to address inflationary pressure, “It is necessary to consider a rate cut to reduce the cost of borrowing and attract investment in the real sector.” He also stressed the need to actively deploy moral suasion for commercial banks to prioritise lending to manufacturers at single-digit concessionary interest rates.
It is easy to see why manufacturers and businesses are calling for rate cut. Nigeria’s high interest rates, which came in the wake of CBN’s aggressive rate hikes aimed at taming inflation and stabilizing the local currency, are said to have pushed the country to its unenviable fourth position in Africa’s borrowing cost rankings.
By that position, Nigeria now ranks as the fourth most expensive country for borrowing in Africa, according to a recent report by Nairametrics Research, which revealed that Zimbabwe, Sudan, and Ghana top the list of African countries with the highest MPRs. Nigeria follows closely behind with an MPR of 27.5 per cent, its highest in history set by CBN in July this year.
Recall that the MPC of the CBN had at its 301st meeting to review recent economic and financial developments and the outlook, maintained the MPR at 27.50 per cent. It also kept the asymmetric corridor around the MPR at +500/-100 basis points, the Cash Reserve Ratio (CRR) for Deposit Money Banks at 50 per cent and 16 per cent for Merchant Banks, and the liquidity ratio at 30 per cent.
The Committee noted the decline in inflation rate to 22.22 per cent in June 2025 from 22.97 per cent in May 2025, but observed the uptick in food inflation to 21.97 per cent in June 2025 from 21.14 per cent recorded in May 2025. the MPC said given the persistent uncertainty in the policy environment and underlying price pressures, it decided to maintain its current stance until risks to inflation recede sufficiently.
The MPR serves as the benchmark interest rate in any economy, guiding the cost of borrowing across sectors. Commercial banks typically lend at rates well above the MPR, meaning any increase by the central bank translates directly into higher costs for loans, mortgages, and corporate credit.
In all, the Committee has implemented a total of 1,025 basis point increase in the MPR over the past 18 months in one of the most aggressive tightening cycles seen in sub-Saharan Africa. This is as the CBN battles a toxic mix of persistent inflation, largely driven by imported goods, naira depreciation, and widening fiscal imbalances.
While the CBN insists that maintaining a tight monetary policy is necessary to rein in inflation expectations and attract foreign portfolio inflows, particularly in a time of weak foreign reserves and high exchange rate volatility, manufacturers and some finance analysts argue that without coordinated fiscal reforms, the cost of borrowing will remain a burden for businesses, especially SMEs.
MAN particularly kicked that in broad terms, the implications of CBN’s decision to maintain the same pattern of monetary policy decisions has been evident in the continuous macroeconomic instability prevalent in the economy with overwhelming impact on the manufacturing sector.
This, according to Ajayi-Kadir, is worsened by the multi-dimensional binding constraints responsible for the manufacturing sector’s lackluster performance. “Undoubtedly, macroeconomic instability will continue to disrupt production plans, jeopardize investments, and cloud the sector’s prospects,” he said.
He insisted that CBN’s current monetary policy stance will further exacerbate the high cost of doing business, leading to further decline in manufacturing competitiveness. “The higher cost of doing business will be further exacerbated, thereby worsening competitiveness of Nigerian products in the global market,” he stated.
The thing is that access to affordable credit is widely credited as being the oxygen that sustains industrial growth and by extension, the economy. But this does not hold true for Nigeria, where businesses across sectors, particularly manufacturers, are screaming blue murder over severe credit crunch, which now threatens business expansion, job creation, and economic recovery.
Clamour for alternative financing models
Although, manufacturers have been quite vociferous in calling for cut in the benchmark interest rates, they are also not averse in exploring alternative funding models to sustain their operations, in light of Nigeria’s current economic challenges.
At the afore-mentioned 40th AGM of the Ogun MAN branch, with the theme “Financing Manufacturing Concerns: Exploring Alternatives,” Onafowokan appealed to manufacturers across the country to explore alternative sources of funding to sustain their operations.
The AGM brought together industry stakeholders, financial experts, and government representatives to discuss practical financing solutions for the struggling manufacturing sector, with Onafowokan, in his welcome address, lamenting the rising cost of accessing finance from commercial banks.
He said the high MPR of 27.5 per cent makes loan repayment burdensome and erodes profit margins. “To ease this burden, we are exploring other avenues where manufacturers can access affordable funds for operations and expansion,” he stated, noting that institutions like the Bank of Industry (BOI), LECON Finance Company, and Agusto & Co. were present to provide guidance on such alternatives.
An Associate Director at Agusto Consulting, Oritsejimi Ogbobine, also urged manufacturers to embrace alternative financing models including equity markets, bonds, green financing, and support from development finance institutions like African Development Bank (AfDB), Afreximbank, and BOI.
He, however, emphasised the importance of creditworthiness and advised manufacturers to obtain credit ratings to boost their financial profile and attract funding.
The Ogun State branch of the Manufacturers Association of Nigeria (MAN) has called on manufacturers across the country to explore alternative sources of funding to sustain their operations, in light of Nigeria’s current economic challenges.
This appeal was made during the 40th Annual General Meeting (AGM) of the Ogun MAN branch held last week in Abeokuta, with the themed “Financing Manufacturing Concerns: Exploring Alternatives.”
The AGM brought together industry stakeholders, financial experts, and government representatives to discuss practical financing solutions for the struggling manufacturing sector.
Chairman of the Ogun MAN branch, Mr. George Onafowokan, in his welcome address, lamented the rising cost of accessing finance from commercial banks, citing the high Monetary Policy Rate (MPR), which stood at 27.5 per cent as of May 2025.
Onafowokan, while stating that this makes loan repayment burdensome and erodes profit margins, however, said: “To ease this burden, we are exploring other avenues where manufacturers can access affordable funds for operations and expansion.”
He noted that institutions like the Bank of Industry (BOI), LECON Finance Company, and Agusto & Co. were present to provide guidance on such alternatives.
Onafowokan highlighted the industry’s struggles with foreign exchange volatility, inflation, and regulatory burdens. He recalled that the naira had devalued from N447 per dollar in December 2022 to N1,605 per dollar by mid-2024, significantly increasing production costs while consumer purchasing power diminished.
“Despite these challenges, Ogun manufacturers continue to operate and invest in the economy,” he said.
In response to these challenges, the Federal Government launched the N75 billion Manufacturing Sector Fund and another N75 billion MSME Intervention Fund, both of which are disbursed through the BOI at nine per cent interest rate and a 1–5-year repayment period.
Ogun State Commissioner for Industry, Trade, and Investment, Mr. Adebola Sofela, who represented Governor Dapo Abiodun, commended manufacturers for their resilience. He assured them of the State Government’s commitment to improving the business environment through tax harmonization and infrastructure development.
MAN President Otunba Francis Meshioye also addressed the gathering, urging both state and federal governments to adopt policies that promote local manufacturing.
He emphasised the urgent need to implement the “Nigeria First” policy mandating all government Ministries, Departments and Agencies (MDAs) and contractors to patronize made-in-Nigeria products.
“We must support local industries with policy-backed patronage and consequences for non-compliance,” Meshioye stressed. He also appealed to the Central Bank of Nigeria (CBN) to settle the $2.4 billion in unpaid forex forwards owed to manufacturers.
Meshioye also called for the revival of quarterly interactive meetings between manufacturers and government agencies, the rehabilitation of inner roads in industrial areas like Agbara and Ota, and an end to multiple taxations and regulatory overreach, particularly from agencies like the Financial Reporting Council.
Associate Director at Agusto Consulting, Oritsejimi Ogbobine, during a presentation, urged manufacturers to embrace alternative financing models including equity markets, bonds, green financing, and support from development finance institutions like AfDB, Afreximbank, and BOI.
He, however, emphasised the importance of creditworthiness and advised manufacturers to obtain credit ratings to boost their financial profile and attract funding.
The event marked 40 years of the Ogun MAN branch’s existence, with members and stakeholders reaffirming their commitment to advocating for a stronger, better-supported manufacturing sector in Nigeria.
The Manufacturers Association of Nigeria (MAN) has praised Ogun State Government on its proactive and sustainable approach to managing plastic waste, especially single use plastics in the state.
MAN Director-General Segun Ajayi-Kadir, in a statement, said MAN is appreciative of the state government’s initiatives aimed at reducing plastic waste, promoting recycling, and ensuring a cleaner environment.
He particularly noted the resolve of the ministry to partner with manufacturers and other operators in the plastic value chain to advance its waste to wealth initiative.
These efforts, according to him, align with MAN’s commitment to environmental sustainability and responsible manufacturing practices.
The Ogun State Government’s approach was presented by the Commissioner for Environment, Ola Oresanya recently in Abeokuta, during this year’s commemoration of World Environment Day, with the theme: Beating Plastics.
In his remarks, Oresanya highlighted “Plastics for Cash” and “Blue Box” initiatives as subsets of the state’s sustainable approach to manage waste and convert same to wealth in the state.
The Plastics for Cash program enables residents to exchange sorted plastic waste for monetary value or goods, creating income opportunities for youth, women, and informal waste collectors.
On the other hand, the Blue Box initiative promotes structured house-to-house waste separation and collection, driven by the Ogun State Waste Management Authority.
To strengthen these initiatives, Ogun State has constituted a Plastic Management Committee made up of regulatory agencies, manufacturers, and academic institutions.
This Committee is responsible for promoting the implementation of EPR guidelines as defined by the national framework to support plastic buy-back programmes and job creation along the recycling value chain.
This is coming against the backdrop of recent developments in Lagos State with what MAN termed as “disingenuous ban of production and use of single use plastics.”
The Association said rather than sudden and outright ban, progressive strategies that balance environmental sustainability with economic stability should be adopted.
Ajayi-Kadir said in Egypt, for instance, collaborative efforts between the government and social enterprises like Banlastic focus on education, community clean-ups, and recycling plastic waste.
Ghana has also embraced plastic-to-construction innovation, with companies like Nelplast transforming waste into affordable building materials.
Similarly, the United States is pursuing a national recycling plan and innovation challenge to improve plastic recovery, design, and energy efficiency.
“These models focus on circularity and not prohibition. As an advocacy organisation, MAN has cautioned against the ban and called for a more sustainable and beneficial approach to manage waste, similar to the one Ogun State has adopted,” the MAN DG said.
To this end, he said MAN urges all stakeholders in the management of waste and the protection of the environment to leverage the commendable initiative of the Ministry of Environment in Ogun State.
Ajayi-Kadir reiterates that Lagos State should redirect its focus towards building an inclusive, data-backed, and economically viable waste management system rather than imposing a blanket ban that risks widespread job losses, especially among SMEs, informal waste workers, and women-led businesses.
“Just as the State already has several commendable frameworks and pilot programmes such as the smart bins initiative, and the Blue Box, it should revive and fully implement them and contribute meaningfully to addressing plastic waste,” he said.
The MAN boss insisted that sustainable solutions must be rooted in stakeholder engagement, scalable alternatives, and enabling infrastructure, noting that the approach should not punish productivity but guide it towards circularity.
“MAN remains committed to supporting collaborative, inclusive environmental policies that protect both people and the planet,” Ajayi-Kadir said, stating that the Association believes that effective waste management is crucial for public health, environmental protection, and economic development.
He said the Association looks forward to continued collaboration with the Ogun State Government to promote sustainable practices and address environmental challenges.
“We are convinced that the plastic pollution crisis is primarily a result of poor waste management infrastructure and enforcement and not the material itself.
“We should aspire to achieve progressive waste management that leads to wealth and job creation, and not adopt simplistic waste management measures that drag industrialization and lead to needless impoverishment,” Ajayi-Kadir concluded.
Capacity utilization in Nigeria’s manufacturing sector improved marginally to 57.0 per cent in 2024, up from 55.1 per cent in 2023, with a half-on-half analysis showing a 1.2 percentage point increase in H2 2024 compared to H1 2024.
The sector’s local raw material sourcing also increased to 57.1 per cent in 2024, up from 52.0 per cent in 2023, a shift which was largely driven by forex scarcity, high import costs, and government incentives promoting local content.
This document presents the summary of finding of the survey of manufacturing sector by MAN for the second half of 2024.
The survey is designed to monitor changes in manufacturing sector performance indicators viz-a-viz the behaviors of macroeconomic and policy environments during the period of the survey.
The focus manufacturing indicators include capacity utilization, production value, inventory, level of utilization of local raw materials, investment, expenditure on alternative energy sources, etc.
With regards to capacity utilization, which improved marginally to 57.0 per cent in 2024, MAN said sectoral analysis revealed that Non-Metallic Mineral Products, Motor Vehicle & Miscellaneous Assembly, and Chemical & Pharmaceuticals sectors recorded the highest improvements.
MAN Director-General Segun Ajayi-Kadir, however, said persistent challenges such as rising energy costs, forex volatility, and high interest rates constrained further growth.
On the 57.1 per cent increase in local raw material sourcing in 2024, he said notable improvements were observed in Wood & Wood Products, Textile, Apparel & Footwear, and Chemical & Pharmaceuticals, while Electrical & Electronics continued to lag due to dependency on imported components.
Also, the sector’s real manufacturing output increased modestly by 1.7 per cent year-on-year to N7.78 trillion, buoyed by increased activity in Motor Vehicle & Miscellaneous Assembly, Non-Metallic Mineral Products, and Electrical & Electronics.
However, a half-on-half decline of 3.1 per cent in real production, MAN said, reflected rising costs and weak consumer demand. “Nominal manufacturing output rose sharply by 34.9 per cent to N33.43 trillion, primarily due to inflationary pressures and rising domestic prices,” it stated.
Ajayi-Kadir also said the electricity supply situation for industries improved in 2024, with average daily supply increasing to 13.3 hours per day, up from 10.6 hours in 2023. On a half-on-half basis, electricity supply rose from 11.4 hours per day in H1 2024 to 15.2 hours in H2 2024.
The MAN DG, however, noted that electricity tariffs surged by over 200 per cent for Band A consumers, significantly increasing manufacturing costs.
“While power availability improved, many manufacturers still faced frequent outages, and costs as the country witnessed 12 national grid collapses and this remained a major concern,” he said.
Ajayi-Kadir stated that in response to unreliable grid power and increases in prices of diesel and Petroleum Motor Spirit (PMS), “manufacturers’ total expenditure on alternative energy sources surged to N1.11 trillion, a 42.3 per cent increase from N781.68 billion in 2023.”
A further breakdown showed that on a half-on-half basis, manufacturers spent N404.80 billion in H1 2024, which increased by 75.0 per cent to N708.07 billion in H2 2024.
The Food, Beverage & Tobacco sector recorded N229.41 billion in alternative energy spending, up from N182.76 billion in 2023, while Chemical & Pharmaceutical energy costs doubled to N208.68 billion.
The Non-Metallic Mineral Products sector’s energy costs increased by 33.7 per cent to N118.49 billion, and the Textile, Apparel & Footwear industry saw a fourfold increase, reaching N26.45 billion in 2024, compared to N6.97 billion in 2023.
Manufacturers’ inventory of unsold finished goods also surged by 87.5 per cent to N2.14 trillion in 2024, driven by weakened consumer demand, escalating production costs, and declining purchasing power.
However, a half-on-half decrease of 27.9 per cent in H2 2024 suggests improved clearance efforts and price adjustments. “The Food, Beverage & Tobacco and Textile, Apparel & Footwear sectors faced the most significant increases in unsold stock,” Ajayi-Kadir said.
Similarly, real manufacturing investment fell by 35.3 per cent year-on-year to N658.81 billion in 2024, reflecting economic uncertainty and reduced expansion plans.
However, H2 2024 witnessed a 19.4 per cent increase compared to H1 2024, as manufacturers cautiously resumed capital expenditures.
In nominal terms, total investment declined by 11.3 per cent to N2.85 trillion, with Land & Buildings and Furniture & Equipment seeing the most significant declines.
Rising interest rates also posed a major financial burden, with commercial bank lending rates to manufacturers surging to 35.5 per cent in 2024, from 28.06 per cent in 2023.
This, according to MAN, was driven by continuous Central Bank of Nigeria (CBN) rate hikes, which raised the Monetary Policy Rate (MPR) to 27.50 per cent. “Consequently, manufacturers’ finance costs totaled N1.3 trillion, constraining investment and expansion plans,” Ajayi-Kadir said.
Putting the manufacturing sector’s performance in the period under review in perspective, the MAN DG said the sector faced a challenging but resilient economy in 2024, navigating macroeconomic instability, inflationary pressures, and policy-driven disruptions.
Accordingly, the real Gross Domestic Product (GDP) growth remained subdued, reflecting the economy’s struggle with rising production costs, exchange rate volatility, and declining consumer demand.
“Inflation surged to 34.8 per cent by the end of 2024, significantly eroding purchasing power and increasing operational expenses.
“Meanwhile, aggressive monetary tightening by the CBN, which raised the MPR to 27.50 per cent, further exacerbated borrowing costs for manufacturers, limiting expansion and new investments,” Ajayi-Kadir stated.
Following the Manufacturers Association of Nigeria (MAN) statement in early January 2025 that the manufacturing sector in Nigeria recorded unsold goods accumulated to a total of N1.4trillion, which was attributed to inflationary pressures and declining consumer purchasing power, the organisers of The Industry Summit & Awards, The Industry Newspaper has designed the sixth edition of the summit to address the consumer preferences in a troubled fast moving consumer goods (FMCG).
Announcing the 2025 theme: ‘Understanding Changing Consumer Preferences in Troubled Space”, the convener of The Industry Summit & Awards (TIES), Goddie Ofose stated that the dwindling purchasing power of consumers has become one of the major reasons the manufacturing sector declared heavy inventory loss in 2024, and organisations must design an innovative approach to tackling this menace in 2025.
According to him, “Inflationary impact is real and it has continued to dig some holes in the pockets of consumers, which in turn results in consumers’ preferences. Manufacturers must adapt to the shifting consumer preferences if they must survive,” he added.
Ofose revealed that the organisers have selected Dr Obinna Ike, Chief Executive Officer/Managing Director of NigerBev Limited as the chairman of the event while Mr. Lampe Omoyele, Managing Director of Nitro 121 Limited will deliver a keynote paper on the theme.
Also lined up as guest speakers are Mrs. Toyin Nnodi, former Marketing Director of CHI Limited, Mr. Stanley Obi, immediate past Prime Business Director at Grand Oak/Co-founder/CEO of Innova Hive Integrated and Mr. Anthony Eigbe, Vice President, Creative & Communications, UAC Nigeria Plc.
He said, “We have carefully selected the 2025 members of faculty who possess vast experience in product innovation, marketing, advertising, brand management, distribution value chain and communication that would look at these issues dispassionately and proffer solutions to this new market challenge.”
This year’s programme starts Friday, May 2, 2025, with a lecture at the Chartered Institute of Bankers of Nigeria, Victoria Island, Lagos. On Saturday, May 3, 2025, there will be a dinner and awards, at at Civic Centre, Victoria Island. There will be a panel session. The panel members include Mr Ayo Awosika, GM, Commercial, UAC Foods; Mr Remi Akanda, Director, Marketing & Corporate Communications, LAPO Microfinance Bank; Mr Adeola Amosun, Group Media Manager, Tolaram; Mr Gbemileke Lawal, Marketing Manager, Grand Oak Limited; and Ms Oluseun Mudashiru, Brand Manager, Big Bull Rice, TGI Group.
Others are Mrs. Roseline Abaraonye, Chief Commercial Officer (CCO), N.N. Fems Group; and Mrs Ifeoluwa Esther Obafemi, Head, Digital, Media & Insights (Digital Transformation), Sub- Saharan Africa (SSA), FrieslandCampina WAMCO while Ms Gift Uche-Ewule, Assistant Brand Manager, Indomie will the moderate the session.
In 2024, Nigerian manufacturers recorded an accumulation of N1.4 trillion worth of unsold goods, attributed to inflation, diminishing consumer purchasing power, and a surge in electricity tariffs.
MAN President Otunba Francis Meshioye said the outlook for the manufacturing sector, and by extension, the economy in 2025 will largely depend on the success of ongoing economic reforms, which include the implementation of the proposed tax reforms.
Meshioye spoke during the ninth edition of the MAN Media Personality of the Year Award/2025 Presidential Media Luncheon held in MAN House, Ikeja, Lagos.
He said aside speedy passage of the tax reform bills, the stabilization of critical macro-economic indicators and targeted investments in infrastructure and technology will help the sector and the economy regain momentum this year,
The MAN President said considering the series of ongoing fiscal and monetary reforms of the present administration, “The contraction of the economy is expected to ease and experience some growth this year with stability in the exchange rate regime in 2025.”
He, however, said the efficient adoption of Artificial Intelligence (AI) will be a game changer for the manufacturing sector in 2025 and the near future.
“This (AI adoption) is expected to help engender enhanced production and productivity, improved capacity utilization, innovative product development, improved inventory system, efficient logistics operations etc.,” Meshioye said.
He added that technology adoption through research and development is projected to help fast-track the emergence of the real sector’s much-awaited transformational growth.
“As manufacturers, we are gearing up and ready to embark on this interesting journey on the path of growth,” he stated.
The MAN president listed other ways to help the manufacturing sector and the economy regain momentum this year, noting, for instance, that efforts to improve productivity and enhance competitiveness must be sustained.
He insisted that this is crucial in helping Nigerian manufacturers navigate the challenges they face. “Manufacturing is pivotal to galvanizing and sustaining Nigeria’s economic growth and development.
“We seek the government’s alignment with our conviction that a win for the manufacturing sector is a win for the economy and by extension, a better life for the citizenry,” Meshioye said, noting that in furtherance of this, the need to tame inflation has never been this compelling.
According to him, inflation in Nigeria reached an alarming 34.6 per cent by November 2024, diminishing consumers’ purchasing power and causing a decline in demand for manufactured goods.
Meshioye also lamented that this inflationary burden led to an accumulation of unsold inventory, which rose to N1.4 trillion across the manufacturing industries.
He said apart from mounting pressure from high inflation, manufacturers encountered myriad macroeconomic and infrastructural challenges that severely impacted their performance.
Some of the challenges include naira depreciation, rising interest rates, escalating electricity tariffs, record low sales, multiplicity of taxes and levies, and militating security concerns.
“These factors collectively strained the sector’s profitability and curtailed its contribution to the nation’s Gross Domestic Product (GDP),” Meshioye said.
Consequently, manufacturing’s share of the economy dropped significantly from 16.04 per cent in Q4 2023 to 12.68 per cent in Q2 2024, indicating a contraction in economic activity within the sector.
“The combination of high operational costs, reduced consumer demand, and limited access to finance contributed majorly to this decline,” the MAN president said.
He, however, said looking ahead to 2025, Nigeria’s overall economic growth is projected to be around four per cent, which is a modest recovery compared to previous years, though still lower than the average growth rate for sub-Saharan Africa.
To keep the economy on a growth path, Meshioye recommended among others implementation of the patronage of made-in-Nigeria products policy, ensuring food security and promoting local sourcing of raw-materials, and addressing policy inconsistency.
He also stressed the need to upgrade infrastructure (roads and railways), promote energy security, review electricity tariffs downward, promptly clear the backlog of forex foreword by the CBN, and ensure affordable lending rate and increased access to credit.
If the Executive Summary of the Manufacturers Association of Nigeria (MAN) Review for H1 2024, is anything to go by, then it’s correct to say that it’s not yet Uhuru for the nation’s manufacturing subsector, which is seriously grappling with some challenges critical to its survival, reports Ibrahim Apekhade Yusuf
These are really hard times for manufacturers.
The reason for this is not far to seek: with prices of raw materials, cost of operations, logistics on the rooftops, coupled with the nagging issue of incurably defective policies not to talk of the problem of huge inventory with all its adverse implications on the survivability of the business itself, everything that can go bad has really gone bad for the manufacturers, in a manner of speaking!
The trouble this time!
Lamentably, a report by the Manufacturers Association of Nigeria has offered interesting insights on the bigger issue affecting the manufacturing subsector in terms of its productivity and fortunes thus far.
A cursory review of the performance of the nation’s manufacturing sector in the first half of 2024 is nothing to cheer about, judging by the damning verdict contained in the “Executive Summary of MAN Economic Review for H1 2024.”
The review presented the summary of findings of the survey of the manufacturing sector by the MAN for the first half of this year.
The survey, designed to monitor changes in the manufacturing sector in terms of performance indicators within the macroeconomic and policy environments during the intervening period.
The focus manufacturing indicators include capacity utilisation, production value, inventory, level of utilisation of local raw materials, investment, expenditure on alternative energy sources, etc.
According to the findings of the survey that provided materials for the economic review, the capacity utilisation in the Nigerian manufacturing sector showed a slight year-on-year decline to 56.4 per cent in H1 2024, from 56.5 per cent in H1 2023.
Besides, the real manufacturing output in Nigeria declined by 1.66 per cent year-on-year in H1 2024, falling to N1.34 trillion from N1.36 trillion in H1 2023. However, the magnitude of the decline would be appreciated more if its value is expressed in dollars, bearing in mind that the value of the Naira to the dollar by H1 ’23 was about N666/$ against the current value of more than N1700/$.
In addition, the inventory of unsold finished products in the manufacturing sector also surged by 357.57 per cent year-on-year; reaching N1.24 trillion in H1 2024. Also, the employment generation capacity of the manufacturing sector continued its decline, with only 2,606 jobs created in H1 2024, which represented a 29.99 per cent reduction from H2 2023.
According to MAN, the first half of 2024 was marked by significant challenges for Nigeria’s manufacturing sector, including high operational costs, declining consumer demand, and rising inflation.
While some sectors showed resilience and growth, others struggled with declining production values, rising inventories, and reduced employment.
The report underscored the urgent need for Nigeria to implement decisive and coherent economic reforms to address these challenges.
Key areas of focus include enhancing policy consistency, improving the business environment, and fostering economic diversification.
“The success of these reforms will be crucial in reversing the current economic downturn, creating jobs, reducing inflation, and improving the overall welfare of Nigerian citizens.
“As the country navigates through these turbulent times, the resilience of its policy framework and the effectiveness of its economic management will determine the path forward,” MAN said.
Under capacity utilisation
The half year review stated that capacity utilisation in the manufacturing sector showed a slight year-on-year decline to 56.4 per cent in H1 2024, from 56.5 per cent in H1 2023. However, there was a 2.8 percentage point increase compared to H2 2023, reflecting some recovery.
According to the review, “the sector faced significant challenges, including high energy costs due to a 200 percent increase in electricity tariffs, forex scarcity, and declining consumer demand. These factors collectively resulted in elevated operational costs and a difficult business environment for manufacturers.”
Understanding real value of manufacturing
Interestingly, the real manufacturing output in Nigeria declined by 1.66 per cent year-on-year in H1 2024, falling to N1.34 trillion from N1.36 trillion in H1 2023. The decline, notwithstanding, the sector witnessed a 9.97 per cent increase during the period under review compared to H2 2023, driven by a baseline effect.
Some of the factors responsible for the declining manufacturing output included rising electricity tariffs, exchange rate volatility, and higher energy costs, which heightened production costs amidst declining consumer demand.
The review said that “persistent increase in interest rates by the Central Bank of Nigeria further strained the sector.”
Nominal manufacturing production value
In nominal terms, the report showed that the manufacturing sector’s output increased by 30.38 per cent year-on-year, reaching N5.34 trillion in H1 2024. This growth was primarily driven by the sharp rise in domestic prices, as reflected in the Consumer Price Index (CPI), which surged to 34.19 per cent in June 2024.
But “the increase in nominal output masked the underlying difficulties faced by manufacturers in maintaining real output levels, highlighting the impact of inflationary pressures on the sector,” the review said.
Search of raw material
The manufacturing sector’s local raw material sourcing, it said, improved slightly to 56.03 per cent in H1 2024, up from 55.4 percent in H1 2023. “This modest increase indicated a gradual shift towards local sourcing, driven by difficulties in obtaining foreign exchange. However, some sectors, like Non-Metallic Mineral Products and Textile, Apparel & Footwear, faced declines in local sourcing, reflecting the challenges of shifting away from imported raw materials,” it said.
Huge inventory
As has been noted, the inventory of unsold finished products in the manufacturing sector surged by 357.57 per cent year-on-year, reaching N1.24 trillion in H1 2024. Of course, this alarming increase is easily attributed to declining consumer purchasing power due to escalating inflation, subsidy removal, and the devaluation of the Naira.
According to the review, “the high levels of unsold inventories reflect the challenges faced by consumers and the need for interventions to stimulate demand and improve the sector’s performance.”
Manufacturing investments
According to the review, investment in the manufacturing sector continued to rise, reaching N250.13 billion in H1 2024, which represented a 29.63 per cent year-on-year increase. However, this increase could be described as money illusion due to the depreciation of the Naira, which inflated the cost of importing machinery and other essential assets.
“In real terms, investment spending did not increase, as manufacturers focused on maintaining current production levels rather than expansion due to the challenging economic environment,” the review stated. The employment generation capacity of the manufacturing sector continued to decline, with only 2,606 jobs created in H1 2024, a 29.99 per cent reduction from H2 2023. Year-on-year, job creation fell by 37.83 per cent, reflecting the ongoing challenges within the sector, including economic uncertainties, inflationary pressures, and an unfavourable business environment.”
According to the review, the chemical and pharmaceuticals industrial sub-sector remained the highest job creator, while the motor vehicle and miscellaneous assembly industry created the fewest jobs.
Nagging problem of energy supply
The electricity supply to industries, it disclosed, showed some improvement in H1 2024, with average daily supply hours increasing to 11.28 hours per day.
“However, the increase in electricity tariffs by over 200 percent imposed by DisCos significantly raised the cost of electricity for manufacturers. This, coupled with ongoing power outages, placed additional financial strain on the sector. The cost of providing alternative power continued to rise, with manufacturers spending N238.31 billion on alternative energy sources in H1 2024, a 7.69 per cent increase from H2 2023. The surge in costs was driven by higher prices for diesel, gas, and other energy sources, as well as the need for manufacturers to invest in self-energy generation due to unreliable power supply from the national grid.
“The struggles facing the Nigerian manufacturing sector showed that Nigeria is not divorced from the global economy that remained resilient in the first half of the year 2024, with major economies avoiding a severe downturn, bringing down inflation without increasing unemployment.
“However, the lingering impact of high interest rates, debt sustainability challenges, continuing geopolitical tensions and ever-worsening climate risks continue to pose challenges to growth, threatening decades of development gains, especially for developing and Small Island developing states,” the report added.
The increasing climate shocks, according to the review, have continued to pose additional challenges to the global economy, threatening decades of economic growth, especially for the least developed countries and small islands developing states.
“Yet, improved performance is notable in the United States of America and several large developing economies, particularly India and Brazil. However, the economic outlook for many African countries has deteriorated because of high inflation, elevated borrowing costs, persistent exchange rate pressures and lingering political instability.
In addition, geopolitical tensions have particularly affected the economic outlook of a few Landlocked Developing Countries (LLDCs) due to their dependence on neighboring transit countries to access international trade routes.
“Nigeria’s economy continued to grapple with formidable challenges that have stymied its growth potential and eroded economic stability. The real GDP growth rate was sluggish, reflecting the country’s struggle to regain momentum amidst persistent economic and policy headwinds.
“Inflationary pressures intensified, significantly diminishing the purchasing power of Nigerians, with millions more being pushed into poverty due to the combined effects of soaring prices and stagnant wages,” the review said.
It added that the policy environment in Nigeria during this period was marked by uncertainty and turbulence, so much that, “despite efforts to stabilise the economy, including aggressive monetary tightening by the Central Bank of Nigeria (CBN), which raised the Monetary Policy Rate (MPR) to an unprecedented 26.25 per cent, the desired outcomes in terms of curbing inflation and stimulating growth remained elusive.
“The higher interest rates exacerbated borrowing costs, placing further strain on businesses across various sectors, particularly manufacturing, which already faced significant challenges such as forex scarcity, high operational costs, and unreliable electricity supply.”
Soaring cost of operations gnawing at the nerves of business
Echoing similar sentiments, a statement issued by Francis Meshioye, President of MAN, also attributed the problem of declining consumer purchasing power, fueled by escalating inflation, subsidy removal, and the devaluation of the naira, as causative factors.
“The inventory of unsold finished products in the manufacturing sector surged by 357.57 per cent year-on-year, reaching N1.24tn in H1 2024,” Meshioye stated in a press release on Monday.
“This alarming increase is attributed to declining consumer purchasing power due to escalating inflation, subsidy removal, and the devaluation of the naira.”
The manufacturing sector’s woes are further compounded by a significant decline in employment generation. Only 2,606 jobs were created in the first half of 2024, representing a 37.83% decline year-on-year.
Meshioye attributed this downturn to “economic uncertainties, inflationary pressures, and an unfavourable business environment.”
Specifically, he said, the key challenges facing the manufacturing sector is the issue of declining consumer demand, elevated energy costs, forex scarcity, and declining consumer demand have increased production costs and hindered growth in the sector.
Besides, he said, energy costs as high as 200% increase in electricity tariffs has significantly raised operational expenses for manufacturers, just as the issue of unreliable national grid supply and rising diesel and gas prices have driven manufacturers to spend N238.31 billion on alternative energy sources.
“The high levels of unsold inventories reflect the challenges faced by consumers and the need for interventions to stimulate demand and improve the sector’s performance,” Meshioye emphasised. He reiterated the importance of “decisive and coherent economic reforms” to stabilise the sector and urged policymakers to prioritize improving the business environment and reducing inflation.
Real manufacturing output
In H1 2024, real manufacturing output declined by 1.66% year-on-year. This was due to rising electricity tariffs, exchange rate volatility, and higher energy costs.
Business environment
The tense business environment has led some manufacturers to express no confidence in Nigeria’s economy. The CEO of Centre for the Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf has called on the CBN to fine tune its monetary policy to support the manufacturing sector.
Nigeria, once seen as a rising force in Africa’s industrial landscape, now finds its manufacturing sector caught in a web of obstacles. The overall contribution of the manufacturing sector to Nigeria’s GDP was 8.46% in Q2 2024, down from 8.62% in the previous year and far below the 10% contribution initially expected by the Manufacturers Association of Nigeria (MAN).
The country’s industrial aspirations have been under strain for some time, with deeply embedded issues slowing down progress and innovation; although the sector has undeniable potential, the realities on the ground are preventing it from taking flight.
Economic Instability and currency volatility
Few things disrupt a manufacturing industry more than economic uncertainty, and Nigeria is no stranger to this challenge. The sector saw a sharp 36% decline in profit margins between 2021 and 2022, due to rising inflation, insecurity, and higher operational costs; export revenues from manufactured goods also plummeted by 43.5% within the same period.
The value of the naira has been on a turbulent path, with the currency weakening against major global currencies. As the cost of importing raw materials rises, local manufacturers find themselves squeezed; the high price of doing business in a country where inflation often outpaces wage growth creates an environment in which margins shrink and operational costs soar.
Manufacturers operating in Nigeria must grapple not only with external market fluctuations, but also with unpredictable local fiscal policies. These conditions make for an uphill battle to plan long-term – when every quarter can bring significant changes to tax structures or government-imposed restrictions on foreign exchange.
One cannot overlook the persistent infrastructure deficits that plague the sector. Reliable electricity supplies, for example, remain a dream for most manufacturers in Nigeria, who resort to costly diesel-powered generators to keep production lines running. Such reliance on self-generated power significantly inflates overheads, making it difficult for Nigerian companies to compete with foreign counterparts that enjoy steady, state-supplied electricity.
Beyond electricity, transport infrastructure is another hurdle. Dilapidated roads and insufficient rail networks hinder the movement of goods, both raw materials to factories and finished products to markets – a lack of efficient logistical support that increases costs and slows down delivery times, all further compromising the sector’s competitiveness. Additionally, implementing materials requirements planning (MRP) becomes nearly impossible without consistent resources, leading to production inefficiencies and increased costs.
Policy Inconsistency and bureaucracy
In the view of analysts, the nation’s manufacturing space often feels like walking through a maze of shifting policies and administrative hurdles.
While government initiatives to promote industrial growth do exist, their inconsistent implementation is a major deterrent. Manufacturers may receive tax incentives today, only to face unexpected new regulations tomorrow, thus eroding trust and discouraging vital investments.
Moreover, excessive bureaucracy, red tape, and corruption create a sluggish and frustrating environment for both local and international investors. Obtaining permits, clearing goods at ports, and ensuring regulatory compliance can take far longer than necessary, adding to operational delays and costs; rather than fostering growth, these systemic inefficiencies keep businesses entangled in a perpetual cycle of compliance, rather than production.
As the country funnels its attention and resources into the energy sector, manufacturing is often left in the shadows. This neglect becomes evident when one compares Nigeria’s industrial output to countries of similar size and potential, in which balanced economic strategies have yielded more robust industrial growth.
The oil sector’s volatility, driven by global market fluctuations, has also had a ripple effect on the entire economy. When oil prices dip, Nigeria’s economic growth follows, shrinking government budgets and leaving little room for industrial investment; this resource dependency creates a cyclical crisis where manufacturing, already fragile, finds itself vulnerable to the whims of international oil prices.
For many manufacturers, the dream of scaling up remains out of reach due to limited access to affordable finance. Nigerian banks tend to be risk-averse, often hesitant to extend credit to local businesses without substantial collateral, and high-interest rates further dissuade potential borrowers, stifling the potential for innovation and expansion. Without adequate financial support, small and medium-sized enterprises (SMEs) struggle to grow beyond their infancy, limiting their ability to contribute meaningfully to the economy.
Furthermore, the absence of specialized financial products tailored to the manufacturing industry exacerbates the situation. Where other nations provide low-interest loans, grants, or subsidies for industrial projects, Nigeria’s entrepreneurs must make do with far fewer options.
Manufacturing thrives on skilled labor, but Nigeria faces a skills gap that constrains the sector’s growth. Educational systems have not kept pace with the demands of modern industries, leading to a shortage of workers proficient in technical and vocational skills. Companies are forced to either invest heavily in training or rely on expatriates for specialized roles, both of which add to operational costs.
While there are institutions aimed at addressing these skill shortages, the gap between academia and industry remains wide. Curricula often do not reflect the needs of the manufacturing sector, leaving graduates ill-prepared for the practical demands of the workplace.
Manufacturers in Nigeria must also contend with ongoing security challenges – particularly in regions prone to insurgencies and civil unrest; the threat of violence disrupts supply chains and puts businesses and their employees at risk. Manufacturing hubs in northern Nigeria, for example, face the constant threat of attacks from groups like Boko Haram, while the southern regions contend with issues related to oil theft and militant activities.
These security concerns not only dissuade foreign investment, but also prompt local businesses to allocate resources to security measures, which further strains their budgets. When companies are more focused on protecting assets than expanding production, frustratingly, growth inevitably stalls.
Despite these challenges, Nigeria’s manufacturing sector holds significant promise. With better policy consistency, targeted financial products, and a stronger focus on infrastructure development, the country could harness its immense potential; ultimately, the key lies in addressing the deep-rooted issues that have stifled industrial progress for decades.
Manufacturers, investors, and policymakers alike are left with a pressing question: will Nigeria take the steps necessary to unlock the sector’s potential, or will these challenges continue to define its industrial narrative? Only time will tell, but the need for reform has never been more urgent.
