The Manufacturers Association of Nigeria (MAN) held its 9th edition of the MAN Media Personality of the Year Award and the 2025 Presidential Media Luncheon on January 22, 2025.
The event, which took place at MAN House in Lagos, brought together key stakeholders in the organized private sector and media organizations.
In his address, Francis Meshioye, President of MAN, commended the press for their role in promoting the manufacturing sector and advocating for favorable policies.
He emphasized the importance of developing Nigeria’s manufacturing sector, stating that a country that fails to do so will end up importing poverty and exporting wealth.
Meshioye highlighted the numerous challenges faced by the manufacturing sector in 2024. High inflation was a major concern, reaching an alarming 34.6% by November 2024.
This diminished consumers’ purchasing power and caused a decline in demand for manufactured goods. The floating of the exchange rate also resulted in a steep depreciation of the Naira, which fell from ₦666/$ in mid-2023 to over ₦1700/$ by mid-2024.
Furthermore, interest rates reached unprecedented levels, climbing to 27.7% by November 2024. This made it harder for manufacturers to access financing for expansion and modernization.
Manufacturers were also hit hard with a drastic rise in electricity tariffs, with rates increasing by over 250%. The multiplicity of taxes and levies further strained the sector’s profitability. Militating security concerns also affected the sector’s performance.
These challenges collectively strained the sector’s profitability and curtailed its contribution to the nation’s GDP. Manufacturing’s share of the economy dropped significantly from 16.04% in Q4 2023 to 12.68% in Q2 2024.
2025 Outlook and Recommendations
Looking ahead to 2025, Meshioye projected that Nigeria’s overall economic growth would be around 4%, a modest recovery compared to previous years.
He emphasized the need for a favorable interest rate environment to help manufacturers access necessary financing to reinvest in their operations and drive productivity.
The MAN President urged the government to take steps to address the challenges facing the sector and called for the timely passage of the 4 tax bill before the National Assembly, implementation of the patronage of made-in-Nigeria products policy, and taming inflation.
He also emphasized the need to ensure food security and promote local sourcing of raw materials, address policy inconsistency, upgrade infrastructure, promote energy security, and downward review of electricity tariffs.
Meshioye also called for the prompt clearance of backlog of Forex by the CBN and ensuring affordable lending rate and increased access to credit.
He emphasizing the importance of manufacturing in driving economic growth and development in Nigeria and urged the government to align with the conviction that a win for the manufacturing sector is a win for the economy and the citizenry.
The event also featured the announcement of the winners of the MAN Media Personality of the Year Award, in various categories.
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