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 Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
By Aduragbemi Omiyale
Lagos State is currently agog because of the high-profile guests in the city for the Invest in Lagos Summit 3.0 commencing today, Monday, June 8, 2026.
The programme, which ends tomorrow, is themed Lagos: Business Gateway to Africa. It will feature a line-up of sessions focused on Lagos as Africa’s Global Gateway, the Future of Technology and Innovation, Unlocking Investment, Building the Cities of the Future, Global Partnerships for Growth, Talent, Creativity and Culture, and Energy and Sustainability.
The event is being put together by the Lagos State government and Commonwealth Enterprise and Investment Council (CWEIC).
The venue of the summit, Eko Hotel and Suites, is already lively, with the Lagos State Governor, Mr Babajide Sanwo-Olu; the Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele; the co-chair of the Lagos Finance and Investment Council (LFIC), Aigboje Aig-Imoukhuede; and the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, amongst others expected to speak.
The workshop is designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development, and economic partnerships.
It is focused on unlocking investment opportunities and accelerating sustainable economic growth. It will bring together high-level participants from across the public and private sectors to explore opportunities in technology, infrastructure, energy, manufacturing, finance, creative industries, and urban development.
According to the Lagos Commissioner for Information and Strategy, Mr Gbenga Omotoso, the programme has been carefully structured to move beyond conversations and focus on actionable outcomes that can stimulate investment inflows into Lagos State.
He said the conference will provide a platform to showcase the state’s investments in transportation, technology, energy, manufacturing, tourism, and urban development, while also highlighting opportunities for local and international investors.
“Invest in Lagos 3.0 is more than a conference; it is a strategic platform designed to connect investors with opportunities, facilitate meaningful partnerships, and showcase Lagos as Africa’s most attractive investment destination.
“Through this summit, we are bringing together government leaders, global investors, development institutions, and business executives to explore opportunities that will unlock growth, create jobs, and accelerate economic development across Lagos and Nigeria,” the Commissioner, who doubles as the Head of the Media Subcommittee, stated.
The gathering will also feature investment pitches by governors, exhibitions by participating organisations, networking opportunities, a gala dinner, and site visits to major infrastructure and industrial projects, including the Dangote Petroleum Refinery, Lagos Free Zone, Lagos Port, and RusselSmith’s advanced manufacturing facility.
By Adedapo Adesanya
The federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
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