Tag: MAN

‘CBN’s interest rate hike’ll worsen Nigeria’s situation’ – MAN

Aminu Imam
MAN on CBN

…Says manufacturing companies operating below 30% The Manufacturers Association of Nigeria (MAN) has expressed concerns over the Central Bank of Nigeria (CBN) decision to increase the Monetary Policy Rate (MPR) from 26.75% to 27.25 percent. In an issued statement on Friday, the association said the decision has far-reaching implications for the manufacturing sector in Nigeria. MAN’s Director General, Segun Ajayi-Kadir, explained in the statement that the continued increase in interest rates, which now totals 15.75 percentage points since May 2022, would compound the challenges faced by the sector, including rising…

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Manufacturers express ‘no confidence’ in Nigeria’s economy – CBN Report

Aminu Imam
Manufacturers on economy

Manufacturers in Nigeria have expressed a lack of confidence in the nation’s economic outlook in August 2024. This is according to the latest Business Expectations Survey (BES) conducted by the Central Bank of Nigeria (CBN). The survey, which involved 1,600 business enterprises, revealed that while many sectors were optimistic about the economy, the manufacturing sector was notably pessimistic. The BES report highlights that the manufacturing sector posted a negative confidence index of -5.5 points, reflecting ongoing concerns about the current business climate. According to the report, the sectors, such as…

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“Tinubu’s govt. has ruined businesses with fuel price hike” – MAN

Aminu Imam
MAN on fuel hike

Chairman of the Manufacturers Association of Nigeria (MAN) in the South-West, Lanre Popoola, has said the recent fuel pump price increase had worsened the difficulty in manufacturers’ operations. In an interview in Ibadan, Oyo State yesterday, the MAN chairman said “ The present hard situation in the country has been worsened by the fuel increment with no respite in sight”. Popoola decried how difficult it has been to operate manufacturing firms on full-scale under the current economic hardship. He said manufacturers were already facing difficulties before the increase in the…

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Ɗangote Refinery: “Stop demarketing local industries”, MAN cautions FG

Aminu Imam
MAN cautions FG

The Manufacturers Association of Nigeria, (MAN), has cautioned the federal government against demarketing local industries. This came on a day civil society and religious groups demanded a probe into activities of the Nigerian National Petroleum Company Limited (NNPCL), following allegations by Africa’s richest man, Aliko Ɗangote, that some officials of the company operate a blending plant in Malta, from where they import low quality fuel into the country. MAN also called for caution from major actors, government agencies, and regulators in the oil and gas sector of the economy regarding…

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‘FG’s policies crippling businesses’- MAN, NECA, NACCIMA

Aminu Imam
OPS on FG’s policies

The Manufacturers Association of Nigeria, (MAN),  the Nigeria Employers’ Consultative Association, (NECA), and the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture, (NACCIMA), have blamed hastily implemented government policy shifts without corresponding plans to mitigate the negative effects of the inception of the present government for the socio-economic crises confronting the country currently. The trio spoke separately on the issue yesterday, with NECA saying major policy shifts undertaken by the government in 2023 and the adverse impacts they had across various sectors, are having terrible effects on businesses…

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Electricity Tariff: Stakeholders demand suspension of planned increase

Aminu Imam

…Says businesses collapse imminent Nigerians, including several businesses may experience financial implosion if reports of a proposed 40% electricity tariff increase reflect the percentage being circulated and reported in the media. Stakeholders and other concerned Nigerians have warned of possible socio-economic consequences of such a decision. Recall that earlier, the Director-General of the Manufacturers Association of Nigeria, (MAN), Segun Ajayi-Kadir, had urged the federal government to ensure that at least 90 percent of electricity consumers are metered to enhance consumption reflective electricity bill payment., warning that cost of products produced…

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Proposed 40% Electricity Tariff Hike: “We may relocate to other African countries” – Manufacturers

Aminu Imam

The Manufacturers Association of Nigeria (MAN) has described the proposed 40 percent hike in electricity tariff scheduled to take effect from July 1, 2023, as “simply outrageous”. The MAN also highlighted that the federal government had increased electricity tariff by 186 percent in the past eight years, adding that the “expectation of the manufacturers is that government and the Nigerian Electricity Regulatory Commission (NERC) will ensure improvement in electricity generation, transmission and distribution that will lead to adequate and reliable electricity supply in the country, rather than increasing the tariff…

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Manufacturers warn against planned 40% hike in electricity tariff

Aminu Imam

The Manufacturers Association of Nigeria, (MAN), has warned that the planned hike in the electricity tariff will erode the profit margin of operators in the real sector and reduce their ability to expand operations and create new jobs. MAN noted that manufacturers will ultimately pass on the additional cost to the consumers of their products, leading to increase the cost of the products in the market and complicate the rising inflation rate in the country. Director-General, MAN, Segun Ajayi-Kadir, said this in reaction to recent announcement to increase electricity tariff…

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Manufacturers lose N10.1trillion yearly to power crisis – MAN

Aminu Imam

The Manufacturers Association of Nigeria, (MAN) says the country’s shortage of electricity supply has been identified as a hindrance to the profitability of manufacturers, with an annual economic loss valued at about N10.1tn, about two per cent share of the country’s Gross Domestic Product. MAN noted that the unfavourable situation has positioned the country among the worst countries to do business, with a rank of 171 out of 190. The manufacturers made the claim in a statement in which it reacted to the assenting of the Electricity Bill by President…

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Naira Scarcity: Sales of Made-in-Nigeria goods may drop by 25% – MAN

Aminu Imam

The Manufacturers Association of Nigeria, (MAN), has emphasised the need for the Central Bank of Nigeria (CBN) to intensify efforts at ensuring a seamless transition from old naira to new naira notes. Its Director-General, MAN, Segun Ajayi-Kadir, who stated this yesterday, said that anything to the contrary would be inimical to manufacturing. According to him, should the current hardships being experienced in accessing money persisted for the next three weeks, there would be a possible 25 percent drop in monthly sales of Made-in-Nigeria goods. He noted that as purchases from…

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