“MAN President Calls for Strategic Reforms to Revitalize Nigeria’s Manufacturing Sector at 2025 Media Luncheon”

In a defining moment for Nigeria’s manufacturing industry, Otunba Francis Meshioye, OFR, President of the Manufacturers Association of Nigeria (MAN), delivered a compelling address at the 9th edition of the MAN Media Personality of the Year Award and 2025 Presidential Media Luncheon. The event, held on January 22, 2025, at MAN House, Lagos, was a blend of celebration and reflection as stakeholders evaluated the tumultuous journey of the sector in 2024 and its prospects in the new year.

Meshioye, while extending gratitude to the press for their invaluable partnership, highlighted the role of effective advocacy in steering policy reforms. His speech provided a sobering yet optimistic account of the manufacturing sector’s struggles and its pivotal role in Nigeria’s economic development.

The Challenges of 2024

Reflecting on the preceding year, Meshioye painted a vivid picture of the sector grappling with inflation soaring to 34.6%, currency devaluation that pushed the Naira beyond ₦1700/$, and prohibitive interest rates peaking at 27.7%. These macroeconomic challenges, coupled with a 250% surge in electricity tariffs and security concerns, led to unsold inventories valued at a staggering ₦1.4 trillion and a drop in GDP contribution from 16.04% to 12.68%.

Meshioye’s reflection was not just about challenges; it was a call to action. He urged the government to address policy inconsistencies, promote energy security, and support local sourcing of raw materials to stabilize the sector.

Vision for 2025 and Beyond

The MAN President projected cautious optimism for 2025, with economic growth expected at 4% and the Naira potentially stabilizing between ₦1500 and ₦1650 to a dollar. He emphasized that embracing technological advancements like Artificial Intelligence (AI) could revolutionize production, logistics, and inventory systems, setting the stage for transformative growth in the manufacturing sector.

Strategic Recommendations

Meshioye presented a robust blueprint to accelerate recovery, including:

• Passing critical tax reforms.
• Prioritizing made-in-Nigeria products.
• Taming inflation and promoting food security.
• Addressing infrastructure deficits.
• Reducing electricity tariffs and enhancing access to credit.

Celebrating Excellence

The luncheon also celebrated the critical role of the media, with an announcement of increased cash prizes for winners of the MAN Media Personality Awards. Meshioye lauded the media for their relentless pursuit of accountability and urged continued collaboration to foster a more vibrant manufacturing landscape.

As the industry charts its path forward, Meshioye’s address served as both a clarion call and a blueprint for stakeholders, reminding all present that the revival of Nigeria’s manufacturing sector is synonymous with the nation’s economic renaissance.

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