Manufacturers in Nigeria demand policy stability and cheaper power

At the 59th Annual General Meeting of the Manufacturers Association of Nigeria (MAN) in Lagos, industry leaders called for urgent reforms to sustain industrial growth. While the manufacturing sector recorded a 3.29 per cent expansion in the first quarter of 2026, stakeholders warned that high operating costs and policy instability could jeopardize this recovery.

MAN President Otunba Francis Meshioye identified several critical constraints, including high energy expenses, poor infrastructure, limited access to financing, regulatory bottlenecks, and the impact of smuggled goods. He urged the government to prioritize locally produced goods in public procurement, tighten border controls, and streamline overlapping regulations to reduce the cost of doing business.

Manufacturers are also seeking clarity on new tax laws, such as the Nigeria Tax Act 2025, and the settlement of outstanding foreign exchange forward obligations. Industry leaders emphasized that predictable fiscal rules and affordable, reliable electricity are essential to attracting fresh investment and maintaining productivity.