The President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, OFR, has reiterated that manufacturing remains central to Nigeria’s economic transformation, stressing that sustained policy stability, affordable energy, and strong collaboration between government and industry are critical to unlocking growth.
Meshioye made the remarks on Wednesday, January 28, 2026, at the 10th edition of the MAN Media Personality of the Year Award and the 2026 Presidential Media Luncheon, held at MAN House, Ikeja, Lagos.
The event, which marked a decade of structured engagement between MAN and the media, was conceived to strengthen collaboration and recognise journalists whose reporting continues to shape national discourse on industrial development.
Media as Long-Standing Partners in Advocacy
In his address, the MAN President described the media as one of the Association’s most enduring partners over the past five decades, noting that journalists have played a critical role in amplifying manufacturers’ concerns, interrogating policies, and keeping industrial issues on the national agenda.
According to Meshioye, media reportage has consistently brought attention to key issues such as industrial policy, manufacturing competitiveness, energy security, local content development, and the broader macroeconomic environment.
He noted that advocacy for the patronage of Made-in-Nigeria products has gained national traction largely due to sustained media engagement, while policy reversals and government interventions have often been accelerated by informed public discourse.
Macroeconomic Challenges Persisted in 2025
Reviewing sector performance, Meshioye said Nigeria’s manufacturing sector continued to operate under severe macroeconomic pressure in 2025. Persistent infrastructural deficits, multiple taxation, weak policy coordination, elevated energy costs, and stringent regulatory requirements weighed heavily on manufacturers.
He disclosed that manufacturers’ confidence remained subdued throughout the year. The Manufacturers CEOs’ Confidence Index declined from 56.0 per cent in the fourth quarter of 2024 to 53.2 per cent in the first quarter of 2025, before easing further to 50.3 per cent in Q2 and only marginally improving to 50.7 per cent in Q3.
High borrowing costs also constrained investment, with interest rates remaining around 27.5 per cent for much of the year, limiting access to credit for many manufacturing firms.
Energy challenges remained acute, as erratic public power supply forced manufacturers to rely heavily on alternative energy sources. Meshioye revealed that the sector spent an estimated ₦676.6 billion on energy costs in the first half of 2025 alone.
Mixed Economic Signals
While acknowledging improvements in headline inflation—which moderated from 27.61 per cent in January 2025 to 15.15 per cent in December—the MAN President cautioned that price levels remained elevated and continued to erode consumers’ purchasing power.
He also noted that the naira recorded its first annual appreciation in seven years, strengthening by 6.4 per cent to close at ₦1,443 per US dollar in December 2025, compared to ₦1,541 per dollar in January. However, he said persistent double-digit inflation continued to dampen demand for manufactured goods.
Sector Shows Resilience
Despite the difficult operating environment, Meshioye said the manufacturing sector showed resilience. Capacity utilisation improved to 61.3 per cent, up from 57.6 per cent in the second half of 2024.
Export performance also strengthened, with manufacturing exports rising to ₦978.53 billion in the third quarter of 2025, compared to ₦803.8 billion in the preceding quarter. The sector’s contribution to GDP averaged 8.36 per cent in Q3 2025, up from 8.24 per cent in 2024, while output growth remained positive across the first three quarters of the year.
Advocacy Gains and Policy Reliefs
Meshioye acknowledged the support of the media in advancing MAN’s advocacy efforts, noting that sustained engagement contributed to key policy reliefs in 2025. These included the suspension of the 4 per cent Free-On-Board charge by the Nigeria Customs Service, the reversal of the 15 per cent increase in port charges by the Nigerian Ports Authority, and the discontinuation of a levy imposed by the Financial Reporting Council of Nigeria.
According to him, these interventions helped prevent additional cost pressures on manufacturers.
2026 Outlook and Policy Priorities
Looking ahead, Meshioye said the outlook for Nigeria’s economy in 2026 is broadly positive, with MAN projecting 3.1 per cent growth in the manufacturing sector, contributing over 10 per cent to GDP, provided supportive policies are implemented.
He outlined MAN’s priorities for the year to include increased capital expenditure on industrial infrastructure, affordable and reliable energy supply, access to long-term low-cost finance, restraint on excessive taxation, regulatory reforms, policy consistency, and stronger patronage of Made-in-Nigeria products.
He added that MAN would pursue a more structured, data-driven advocacy approach, engaging early with government on budget priorities and strengthening alliances within the organised private sector.
Celebrating Media Excellence
Concluding his remarks, the MAN President congratulated nominees for the 2026 Media Personality of the Year Award, commending their professionalism and contribution to Nigeria’s industrial discourse.
He urged journalists to continue reporting on the manufacturing sector with accuracy, depth, and courage, noting that sustainable economic development depends not only on factories and investments, but also on informed public narratives.
MAN President Otunba Francis Meshioye says manufacturing is central to Nigeria’s economic growth, urging policy stability, affordable energy, and stronger government-industry collaboration at the 10th MAN Media Personality Awards in Lagos.
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