• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, August 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Manufacturers Seek Govt Intervention To Resuscitate Ailing Industries

by Olushola Bello
9 months ago
in Business
Manufacturers
Share on WhatsAppShare on FacebookShare on XTelegram

The Manufacturers Association of Nigeria (MAN) has called on the federal government to continue its interventions to resuscitate the country’s ailing industries and restore investors’ confidence in the manufacturing sector.

Advertisement

President of MAN, Otunba Francis Meshioye, made the call at the fourth Adeola Odutola lecture and the Association’s 52nd Annual General Meeting (AGM) held in Lagos. Meshioye expressed confidence that the present administration would work assiduously to achieve a turnaround in the sector.

He noted that the manufacturing sector played a pivotal role in value addition, transforming raw materials into finished goods, and capturing a greater share of the value chain.

The MAN president said the past year posed significant challenges for the manufacturing sector as it grappled with persistent issues of high production costs, high energy costs and frequent hike in electricity tariffs.

He said, inadequate transportation infrastructure and poor logistics services, low patronage of made in Nigerian goods, negative perception of made in Nigerian goods, high interest and inflation rates, among others affect the sector.

RELATED

Mixed Performance On Equities Expected This Week

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

22 hours ago
Cadbury Nigeria Records N55bn Revenue In 2022

Cadbury Nigeria Records N14.54bn Pre-tax Profit In H1

22 hours ago

“These challenges limited our capacity to innovate, expand, create more jobs and contribute meaningfully to the overall performance of the economy.

But by developing the manufacturing capabilities and leveraging its potential, we can reduce inflation and our overdependence on imports.

“The sector also has the capacity to promote import substitution, create more jobs, boost government revenue, and strengthen and improve stabilising the foreign exchange market,” he said.

The director-general, MAN, Segun Ajayi-Kadir noted that economic growth was hampered at the beginning of the year by the lingering effect of cash crunch across the country and later other macroeconomic forces, reducing the sector’s competitiveness. He said the association through a series of engagements with government and agencies at different levels submitted policy recommendations.

According to him, key submissions advocated for a special foreign exchange window for manufacturers, adequate power supply to industries and transparent electricity tariff mechanism.

Ajayi-Kadir said, the association has called for reduction of multiple taxes and levies, intervention funds to mitigate the effect of subsidy removal, which were well received by the government for consideration and implementation.

He noted that, in 2024, some turbulent and unfavourable conditions had created an atmosphere of uncertainty and instability for the manufacturing sector.

“These challenges have collectively contributed to reduction in the sector’s growth to 1.40 per cent in 2023 from 2.45 per cent recorded in 2022. To reposition the sector on the path of growth, it is essential that the government addresses the challengers mitigating the performance of the sector.

“Government must ensure sound foreign exchange management and stability, encourage export diversification and promote exports of manufactured products.

“Government must develop strategies to reduce dependence on imported raw materials by promoting local sourcing and import substitution, stimulate consumer demand and promote Buy Made-in-Nigeria” campaigns,” he said.

Ajayi-Kadir also stressed the need to address high borrowing costs for manufacturers, improve electricity supply, improve security and operating environment and streamline regulatory processes.

 

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Manufacturers Association of Nigeria (MAN)
SendShareTweetShare
Previous Post

REA Targets $1.1bn Private Sector Investments In Renewable Energy

Next Post

Heirs Insurance Group Partners AIWA On Gender Inclusion

Olushola Bello

Olushola Bello

You May Like

Mixed Performance On Equities Expected This Week
Business

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

2025/08/04
Cadbury Nigeria Records N55bn Revenue In 2022
Business

Cadbury Nigeria Records N14.54bn Pre-tax Profit In H1

2025/08/04
MTN Allots Incentive Shares, As Trading Opens With N4bn Loss
Business

MTNN Posts N414.9bn Profit After Tax In H1

2025/08/04
ASSBIFI Link Forex Rise On Unpatriotism Of Nigerians
Business

Despite Optimism, Forex Inflow Declines By 20.9% In July

2025/08/04
JUST-IN: Inflation In Nigeria Rises Further To 21.91%
Business

Easing Inflation, Currency Stability Prompted IMF’s Nigeria Growth Upgrade – Analysts

2025/08/04
Manufacturers
Business

Consumers To Access N100m Mortgage Loans In FCMB

2025/08/04
Leadership Conference advertisement

LATEST

Campaigns For 2027 Totally Illegal, Diversionary — Falana

Trump Knocks India Over Russian Oil Trade, Vows Higher Tariff

2027: No Party Can Win Oyo Aside PDP — Makinde

‘Tinubu’s Harsh Economic Policies Have Erased Nigeria’s Middle Class’, Says Falana

Trade, Investment Flourish As UAE-Nigeria Relations Strengthened

Flooding: Borno Needs Modern Drainages, Not Overhead Bridges, Chinedumuije Tells Zulum

Lagos Gov’t Allays Fears As Flood Sacks Residents After Rainfall

WAFCON: Aiyedatiwa Gives Super Falcons’ Tosin Demehin N30m, House

Gov Sani Effects Minor Cabinet Reshuffle In Kaduna

JUST-IN: Tinubu Rewards D’Tigress With OON Honours, $100k Each, Houses

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.