With Nigeria’s economy now on the path of gradual recovery, the Manufacturers Association of Nigeria (MAN) has said Nigeria must make manufacturing the nucleus of its growth strategy.
The Director-General of MAN, Mr. Segun Ajayi-Kadir, who stated this in an interview with New Telegraph, said that, ultimately, manufacturing remained the heartbeat of sustainable recovery and the catalyst for inclusive growth. Ajayi-Kadir emphatically said that “no economy has ever prospered on consumption alone. “Nations rise by producing what they consume and exporting what they produce.”
According to him, the stabilization path has been cleared; what lies ahead is the imperative of accelerated growth. To sustain this trajectory, the MAN DG explained that “exchange rate stability must be guarded with every available policy tool. Currency stability is more than a macroeconomic metric, it is a reflection of national resolve.
One of the biggest threats to the hard-won stabilization is a decline in oil production, as witnessed in August and September. “While global oil prices remain entirely outside Nigeria’s control, the country retains considerable influence over its production levels; a domestic variable that must be managed with urgency and precision.”
Ajayi-Kadir added: “The government must, therefore, take decisive measures to reach the OPEC quota by tightening pipeline security and upgrading operational infrastructure.
Also, sustain the increase in refining capacity by forestalling any further industrial disputes in the mainstay of the economy. “The Central Bank of Nigeria’s recent benchmark interest rate cut is commendable and signals a welcome policy shift.
However, the time has come for the apex bank to take a bolder step by introducing a deeper rate cut that can meaningfully lower the cost of credit and stimulate real sector investment. Growth cannot thrive where capital remains prohibitively expensive.”
Speaking further, he noted that “on the fiscal front, the development and implementation of the Nigeria Industrial Policy is long overdue. It must be aligned with the “Nigeria First” policy and highly private sector-driven, ensuring coherence between policy intent and industrial realities.
“As the nation prepares for the implementation of new tax laws in January 2026, shared ownership and strict adherence to execution plans will be critical. Progressive tax reforms can only deliver their promise of higher revenue, improved living standards and a more enabling business environment when enforcement is disciplined and predictable.”
While speaking on manufacturing prospects for next year, Ajayi-Kadir recommended the following; “Further reduce the benchmark interest rate by at least 200–300 basis points over the next two quarters to make credit affordable for manufacturers.
“Launch a Manufacturing Refinancing and Rediscounting Facility (MRRF) that allows banks to refinance approved manufacturing loans at single-digit rates for up to seven years. Create a publicly accessible dashboard tracking lending flows, interest rate spreads, loan approvals and sectoral disbursement patterns in real time.
“Expedite the approval of the Nigeria Industrial Policy in alignment with the “Nigeria First” Policy and anchored on private sector participation. Categorize manufacturers as strategic users of gas to remove the gap between what manufacturers and electricity generation companies pay per cubic foot of gas.
“Introduce a stable, transparent gas pricing framework for manufacturers and prioritize local gas supply before exports. Offer tax credits and recognition awards to companies and consumers patronizing locally manufactured goods.
Establish a Tax Policy Implementation and Evaluation Unit under the Federal Ministry of Finance to regularly assess how the new tax regime affects investment, manufacturing costs and MSME performance.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
