By NIyi JACOBS
Otunba Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN), has called for decisive economic reforms to address the dire challenges facing Nigeria’s manufacturing sector.
Speaking at the 9th edition of the MAN Media Personality of the Year Award and Presidential Media Luncheon held at MAN House, Lagos, Meshioye underscored the critical role of manufacturing in national economic growth and highlighted the sector’s struggles in 2024.
Meshioye noted that Nigeria’s manufacturing sector suffered a severe contraction due to inflation, high interest rates, a depreciating Naira, and escalating energy costs. By November 2024, inflation soared to 34.6%, significantly reducing consumer purchasing power and leaving manufacturers with unsold inventories worth ₦1.4 trillion. The Naira’s sharp depreciation to over ₦1700/$ further exacerbated costs for imported raw materials, while electricity tariffs surged by 250%, straining operational expenses.
“The manufacturing sector’s contribution to GDP fell from 16.04% in late 2023 to 12.68% by mid-2024, a stark reflection of the sector’s struggles,” Meshioye stated.
Looking ahead, the MAN president expressed cautious optimism, citing projections of a 4% economic growth in 2025 and potential stabilization of the exchange rate through the Central Bank’s new EFEMS policy. He emphasized the transformative potential of adopting Artificial Intelligence (AI) and technology in boosting productivity and innovation within the sector.
Meshioye called on the government to prioritize measures such as tax reforms, infrastructure upgrades, energy security, and affordable credit access. “A win for the manufacturing sector is a win for the economy and the Nigerian people,” he emphasized.
The event also celebrated the press for its role in holding policymakers accountable and amplifying advocacy for the manufacturing sector. Winners of the MAN Media Personality of the Year Awards were announced, with Meshioye commending journalists for their contributions to national development.
Concluding, Meshioye urged all stakeholders to work collectively toward reviving the manufacturing sector, which he described as pivotal to achieving sustainable economic growth in Nigeria.
