Abeokuta: The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to introduce reforms aimed at supporting the growth and development of local industries. This appeal was made during the 40th Annual General Meeting of MAN’s Ogun branch held in Abeokuta.
According to News Agency of Nigeria, the theme of the meeting was ‘Financing Manufacturing Concerns: Exploring Alternative’. The Chairman of MAN, Ogun branch, Mr. George Onafowokan, expressed significant concern over the declining state of the nation’s manufacturing sector, urging for immediate reforms to support local industries. He noted that the sector’s contribution to Nigeria’s Gross Domestic Product (GDP) dropped from 16.04 per cent in the fourth quarter of 2023 to 12.68 per cent by mid-2024. The decline was attributed to rising inflation, foreign exchange scarcity, high lending rates, and regulatory policies.
Onafowokan emphasized that despite these challenges, the overall GDP grew by 3.40 per cent in 2024, primarily driven
by the service and industry sectors, including manufacturing. He also highlighted the industry’s struggles with foreign exchange volatility, inflation, and regulatory burdens, but praised members for continuing to operate and contribute significantly to the economy. Challenges specific to Ogun state include unconstitutional levies by local governments, arbitrary regulatory fines, and harassment by government agencies and security institutions.
In response to these issues, Onafowokan mentioned the rising cost of accessing finance from commercial banks, citing a high monetary policy rate of 27.5 per cent as of May 2025. He urged manufacturers to explore alternative financing options from institutions such as the Bank of Industry, LECON Finance Company, and Agusto and Co. for more affordable funding solutions.
State Governor Mr. Dapo Abiodun, represented by Commissioner for Industry, Trade, and Investment Mr. Adebola Sofela, commended the resilience of manufacturers and assured them of the state government’s c
ommitment to improving the business environment through tax harmonisation and infrastructure development.
The MAN President, Mr. Francis Meshioye, also addressed the theme, urging the Federal Government to fully implement the Nigeria First Policy, mandating the patronage of locally made products by all government levels. He called for the clearance of $2.4 billion in outstanding foreign exchange forwards owed to manufacturers and urged the Ogun State Government to prioritize made-in-Nigeria goods in procurement and contracting.