The Manufacturers Association of Nigeria (MAN) urges the Federal Government to prioritize the timely passage of the controversial tax bills and improve road infrastructure, among other essential demands.
In a press briefing in Lagos on Wednesday, MAN President, Mr. Francis Meshioye, highlights the challenges the manufacturing sector faces, including high inflation, rising interest rates, increased energy costs, and multiple taxation. He stresses the need for government support to foster growth and recovery in the sector in the coming year.
Key Demands for 2025
MAN outlines several key demands from the Federal Government for 2025 to ensure the growth and stability of the manufacturing sector:
- Timely passage of the four tax bills currently before the National Assembly
- Promotion of policies encouraging the patronage of made-in-Nigeria products
- Efforts to tame inflation and ensure food security
- Support for local sourcing of raw materials and addressing policy inconsistencies
- Upgrading infrastructure, particularly roads and railways
- Enhancing energy security and reducing electricity tariffs
- Clearing the backlog of foreign exchange requests forwarded by the Central Bank of Nigeria (CBN)
- Ensuring affordable lending rates and improving access to credit
2025 Outlook Linked to Economic Reforms
Meshioye expresses hope for a more stable economy in 2025, but he notes that the success of President Bola Tinubu’s ongoing economic reforms will be crucial. He points out that the outlook for the manufacturing sector largely depends on the successful implementation of these reforms, including tax reforms, stabilization of macroeconomic indicators, and investments in infrastructure and technology.
“If the reforms succeed, they will help ease the economic contraction and foster stability,” Meshioye states. He adds that manufacturers are hopeful for reductions in inflation and interest rates, which would make it easier to access financing and reinvest in operations.
Adoption of AI to Boost Productivity
Looking to the future, Meshioye reveals that Nigerian manufacturers are increasingly adopting artificial intelligence (AI) to boost productivity and streamline logistics. He believes AI will be a “game changer” for the sector, helping to improve production, capacity utilization, inventory management, and product development.
“Technology is crucial to accelerating the transformational growth of Nigeria’s manufacturing sector,” Meshioye says, noting that AI adoption will play a pivotal role in driving innovation and operational efficiency.
Challenges in 2024
In 2024, manufacturers face significant challenges, including approximately N1.4 trillion worth of unsold inventories due to high inflation, which has reduced the purchasing power of Nigerians. Additionally, rising interest rates and increasing energy costs continue to strain the sector.
The manufacturing industry looks forward to a more favorable business environment in 2025, driven by the successful implementation of government reforms and technological innovations.
 urges the Federal Government to prioritize the timely passage of the controversial tax bills and improve road infrastructure, among other essential demands.){kind=link}