Tag: Manufacturers Association of Nigeria

‘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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“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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Food, Beverages manufacturers, producers groan over 34% unsold inventory

Aminu Imam

The harsh economic weather occasioned by rising prices, a fall in demand of manufactured goods and exchange rate collapse together with other ancillary factors have all conspired to fuel a 20 percent fall in the production of food and beverages, a development, which has in turn, led to jump in the stock of unsold inventory to 34 percent. Following the declining demand from consumers as a result of persistent rise in prices reflected in further rise in food inflation rate to 31.52% in October, manufacturers of food and beverages have…

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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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MAN threatens shutdown nationwide activities over rising cost of diesel

Aminu Imam

Manufacturers, under the aegis of the Manufacturers Association of Nigeria, (MAN), has threatened that it will shut down manufacturing activities in the country, if nothing is done to address the soaring cost of energy bedevilling the sector. The MAN Director-General, Segun Ajayi-Kadiri, in an issued press statement made available to newsmen yesterday, said the manufacturing sector over the years has been battered by numerous challenges which have reduced the number of industries in Nigeria and converted industrial hubs in many parts of the country to warehouses of imported goods and…

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MAN demands VAT exclusion on diesel to address price increase

Aminu Imam

The Manufacturers Association of Nigeria, (MAN), has demanded the removal of Value-Added Tax (VAT) on diesel to address the current price hike. MAN, in a reaction to the current increase in the price of Automotive Gas Oil, (AGO), otherwise known as diesel, recalled that over the years, the sector has been battered by numerous familiar challenges that have plummeted a number of industries in Nigeria and converted industrial hubs in many parts of the country to warehouses of imported goods and event centres. The association identified key challenges confronting the…

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