by Segun Odunewu
The Manufacturers Association of Nigeria (MAN) has issued a strong call to the Federal Government, urging the swift passage of the controversial tax bill and demanding significant upgrades to the nation’s road infrastructure.
Speaking at a press briefing in Lagos, MAN President Mr. Francis Meshioye outlined a series of critical demands aimed at reviving the struggling manufacturing sector.
He emphasized the severe challenges faced by manufacturers in 2024, including rampant inflation, exorbitant interest rates, soaring energy costs, and a burdensome tax regime.
“For the sector to regain its momentum, efforts to improve productivity and enhance competitiveness must be sustained,” Mr. Meshioye stated.
“Manufacturing is pivotal to driving Nigeria’s economic growth and development. We believe that a thriving manufacturing sector directly translates to a stronger economy and a better quality of life for all Nigerians.”
While acknowledging the challenges, MAN expressed cautious optimism for the year ahead, contingent on the successful implementation of President Bola Tinubu’s economic reform agenda.
He said, “For the sector to regain its momentum, efforts to improve productivity and enhance competitiveness must be sustained as this is crucial in helping Nigerian manufacturers navigate the challenges they face.
“There is no gainsaying the fact that manufacturing is pivotal to galvanizing and sustaining the economic growth and development of Nigeria. We seek the government’s alignment with our conviction that a win for the manufacturing sector is a win for the economy and by extension, a better life for the citizenry.”
Mr. Meshioye highlighted the crucial role of interest rate reduction in facilitating access to financing for manufacturers, enabling them to reinvest in their operations and boost productivity.
He also emphasized the importance of effective management of the Electronic Foreign Exchange Matching System (EFEMS) to stabilize the Naira and improve its value.
“Only a favorable interest rate environment would help manufacturers access the necessary financing to reinvest in their operations and drive productivity,” he said.
The MAN President underscored the transformative potential of AI in the manufacturing sector. He stated,
“The efficient adoption of Artificial Intelligence will be a game changer for the manufacturing sector in 2025 and beyond. We anticipate that AI will drive enhanced production, improved capacity utilization, innovative product development, and more efficient inventory and logistics systems.”
Mr. Meshioye concluded by emphasizing the critical role of technology in accelerating the growth and transformation of various sectors within the Nigerian economy.