Economy
Nigerian Manufacturers Lament Worsening Condition of Manufacturing Sector
By Adedapo Adesanya
The Manufacturers Association of Nigeria (MAN) has decried the worsening condition of manufacturing in Nigeria’s economy as the sector delivered a 1.38 per cent growth in 2024.
The group has, therefore, called on stakeholders to reevaluate their service delivery systems by adopting a forward-looking strategies to aligned with the nation’s evolving industrial sector.
The Director-General of MAN, Mr Segun Ajayi-Kadir, speaking during a business luncheon on Thursday in Lagos, submitted that the move would would help to address economic pressures.
The business luncheon, organised by the Apapa Branch of the MAN, is its 14th edition, and was themed Delivering Quintessential Membership Service in an Era of Economic Downturn.
Mr Ajayi-Kadir said the event was both a call to everyone desiring a more supportive environment and a strategic direction that all members were required to align with, noting that quintessential service entailed delivering service at the highest standard, marked by professionalism, excellence, empathy and responsiveness.
According to him, in spite of the current macroeconomic realities plaguing global business operations, manufacturers must aim to exceed expectations.
“An internal survey by MAN reports that unsold inventory rose sharply from N1.1 trillion in 2023 to N2.1 trillion in 2024.
“You can imagine a subsector or a sector, depending on how you look at it, having two trillion worth of unsold inventory.
“Additionally, challenges related to transport and logistics, infrastructure, particularly around major ports and industrial corridors, make the operating environment unconducive for manufacturing.
“The impact of these challenges is evident in the sector’s capacity utilisation and its contribution to GDP , which have hovered around 5.5 per cent and 10 per cent respectively, over the past 12 months,” he said.
Mr Ajayi-Kadir expressed concern that in spite of Nigeria’s abundant resources and industrial potential, the manufacturing sector’s growth was as low as 1.40 per cent in 2023.
He said that the growth declined further to 1.38 per cent in 2024, outlining new initiatives, including the environment and green manufacturing unit, international cooperation and advocacy division and membership satisfaction monitoring unit, as strategic responses to emerging industry needs.
The MAN chief reminded the stakeholders of the association’s “MAN of the Future” vision, which he said was a transformative agenda built on six core pillars, which he listed as relentless innovation, purposeful and deliberate engagement, transformational leadership, passion for growth, oneness and empathy, and breakthrough performance environment.
Mr Ajayi-Kadir said that the goal was to significantly boost the profitability of the members’investment, grow the economy, and improve the well-being of Nigerians.
“The MAN of the future is a transformative journey that requires a shift in mindset, operations, leadership, and accountability in our responsibilities,” he said.
On his part, the Chairman of MAN, Apapa Branch, Mr Raphael Danilola, expressed concern about the unpredictable rise in production costs, particularly for manufacturers operating under the Band-A electricity tariff.
Mr Danilola said that many businesses were struggling to pay the bills, decrying the growing trend among regulatory agencies, particularly in the state that prioritised revenue generation over their oversight functions.
According to the chairman, there are instances where manufacturers faced multiple levies, taxes and overlapping compliance demands from proliferation of Ministries, Departments and Agencies (MDAs).
“Manufacturers across all sectors have already borne the brunt of regulatory and economic pressures.
“At this point, there is fear of further decline. What is urgently required is a coordinated effort to reverse the trend,” he said.
Mr Danilola urged manufacturers to reassess their strategies, strengthen cooperation and become more deliberate in policy engagement, calling on them to collaborate in defending their businesses against policies suffocating the industry, adding that members must become more actively involved in defending the sector’s interests.
By Adedapo Adesanya
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has said there are no discrepancies in the tax laws passed by the National Assembly and the gazetted versions made available to the public.
Last week, a member of the House of Representatives, Mr Abdussamad Dasuki, raised worries about the differences between its version and that gazetted by the presidency.
However, speaking on Channels Television’s Morning Brief on Monday, Mr Oyedele claimed what has been circulating in the media was fake.
“Before you can say there is a difference between what was gazetted and what was passed, we have what has not been gazetted. We don’t have what was passed,” he said.
“The official harmonised bills certified by the clerk, which the National Assembly sent to the President, we don’t have a copy to compare. Only the lawmakers can say authoritatively what we sent.
“It should be the House of Representatives or Senate version. It should be the harmonised version certified by the clerk. Even me, I cannot say that I have it. I only have what was presented to Mr President to sign.”
Mr Oyedele stated that he reached out to the House of Representatives Committee regarding a particular Section 41 (8), which states, “You have to pay a deposit of 20 per cent.”
He noted that the response given by the committee was that its members had not met on the issue.
“I know that particular provision is not in the final gazette, but it was in the draft gazette. Some people decided that they should write the report of the committee before the committee had met, and it had circulated everywhere.
“What is out there in the media did not come from the committee set up by the House of Representatives. I think we should allow them do the investigation,” Mr Oyedele added.
In June, President Bola Tinubu signed the four tax reform bills into law, marking what the government has described as the most significant overhaul of the country’s tax system in decades.
The tax reform laws, which faced stiff opposition from federal lawmakers from the northern part of the country before their passage, are scheduled to take effect on January 1, 2026.
The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.
By Dipo Olowookere
A total of 55 equities appreciated last week on the Nigerian Exchange (NGX) Limited versus the 49 equities recorded a week earlier.
However, 33 stocks closed lower compared with 41 stocks in the previous week, while 55 shares remained unchanged versus 57 shares of the preceding week.
Leading the advancers’ log was Aluminium Extrusion, which gained 59.35 per cent to close at N12.35, Mecure Industries rose by 44.93 per cent to N55.00, First Holdco appreciated by 42.93 per cent to N44.95, Guinness Nigeria improved by 33.01 per cent to N289.70, and NPF Microfinance Bank grew by 20.65 per cent to N3.74.
On the flip side, Living Trust Mortgage Bank lost 11.38 per cent to settle at N3.35, Japaul declined by 10.53 per cent to N2.38, International Energy Insurance slipped by 9.92 per cent to N2.27, FTN Cocoa depreciated by 9.80 per cent to N4.42, and Stanbic IBTC went down by 9.33 per cent to N95.20.
The buying interest in the week raised the All-Share Index (ASI) and the market capitalisation by 1.76 per cent to 152,057.38 points and N96.937 trillion, respectively.
Similarly, all other indices finished higher with the exception of AFR Bank Value, and the energy indices, which fell by 1.38 per cent and 0.17 per cent apiece.
According to trading data, a total 9.849 billion shares worth N305.843 billion in 126,584 deals exchanged hands in the five-day trading week compared with the 4.373 billion shares valued at N97.783 billion traded in 110,736 deals a week earlier.
The financial services industry led the activity chart with 8.295 billion shares valued at N232.223 billion traded in 50,351 deals, contributing 84.22 per cent and 75.93 per cent to the total trading volume and value, respectively.
The healthcare space followed with 517.443 million shares worth N3.472 billion in 2,979 deals, and the consumer goods counter transacted 392.765 million shares worth N12.664 billion in 18,438 deals.
The trio of Ecobank, First Holdco, and Access Holdings accounted for 6.424 billion shares worth N204.629 billion in 11,362 deals, contributing 65.23 per cent and 66.91 per cent to the total trading volume and value, respectively.
By Adedapo Adesanya
The Nigerian Export Promotion Council (NEPC) has assured beneficiaries of the $50 million Women Exporters in the Digital Economy (WEIDE) Fund to expect the first tranche of grants in the first quarter of 2026, following the completion of ongoing capacity-building and compliance processes.
The assurance was given during a Town Hall Meeting for WEIDE Fund beneficiaries held in Abuja over the weekend. The gathering provided an opportunity to review progress made since the launch of the initiative in August 2025.
The $50 million WEIDE Fund is a global initiative by the WTO and ITC to empower women-led businesses in developing countries, especially Nigeria, by providing training, finance, and market access for digital trade, helping them grow from small enterprises to global players through support like grants and mentorship, as seen in its launch phase benefiting 146 Nigerian women entrepreneurs.
Speaking at the event, the chief executive of NEPC, Mrs Nonye Ayeni, called on beneficiaries to maximize the opportunities provided by the programme, emphasizing the progress made and the milestones achieved since its launch.
Mrs Ayeni said the engagement was meant to review the programme’s achievements, identify areas for improvement, and strengthen support for the beneficiaries.
“So, it’s time for us to get together at the end of the year to see how far we’ve gone, how well we’ve done, and what we need to do to make it better and support them more effectively through the WEIDE Fund,” she said.
Mrs Ayeni highlighted the significant capacity-building activities conducted for the 146 selected women entrepreneurs, noting that top-tier coaches and trainers had been deployed immediately after the official launch by the Director General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala.
“These coaches are exceptional. They’ve trained our beneficiaries in financial literacy, bookkeeping, soft skills, leadership, succession planning, and digital tools so they can compete globally,” she said.
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