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Tag: MAN

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Alternative energy spending falls by 21% in H1 2023 – MAN

In contrast to the N76.70 billion invested in the second half of 2022, manufacturers’ investments in alternative energy sources fell by 21.1% in the first half of 2023, totaling N60.47 billion. According to The Times, it represented a 10.8% decrease from the N67.8 billion spent in the corresponding period in 2022. These figures were released […]

Manufacturers warn price hikes to persist without solutions
Business

How manufacturers spent $60bn on renewable energy in six months – MAN

The Manufacturers Association of Nigeria has stated that manufacturers spent at least N60.4bn on alternative energy sources in the first half of 2023. According to MAN’s recently released Half Yearly Economic Review, this is a 21.25 percent increase over the N76.7 billion spent on alternative energy during the same period last year. The increase in electricity […]

Manufacturers warn price hikes to persist without solutions
Business

How FG caused N285bn decline in raw material exports – MAN

The Manufacturers Association of Nigeria has stated that the government’s disregard for the productive sector is to blame for the N285 billion annual fall in Nigeria’s exports of raw materials. According to a National Bureau of Statistics examination of foreign trade statistics, exports of raw materials decreased to N345.5 billion in the first half of 2023 […]

Manufacturers warn price hikes to persist without solutions
Business

Cement sales drop 30% over naira redesign – MAN

The Manufacturers Association of Nigeria reported that at the height of the currency crisis earlier this year, cement sales decreased by 30%. According to The Punch, the group also claimed that a 20% decrease in consumer goods sales occurred during this time due to a lack of access to cash. MAN claimed that it described […]

Manufacturers warn price hikes to persist without solutions
Business

Manufacturing sector’s performance drops Q2 – Report

The manufacturing sector’s real GDP growth in the second quarter of 2023 was 2.20% on an annual basis. Although this was lower than the same quarter in 2022, it was higher than the previous quarter and the one before it by 0.81% points and 0.59% points, respectively. The sector saw a contraction with a growth […]

Manufacturers warn price hikes to persist without solutions
Business

MAN trains exporters on maximizing AfCFTA

  The Manufacturers Association of Nigeria, through its Export Promotion Group, has taught Nigerian exporters on how to capitalize on opportunities in the African Continental Free Trade Area. According to The Punch, it developed the capacity during a two-day workshop with the theme “Exporting under the AfCFTA” that was held in Lagos in cooperation with […]

How manufactured goods imports gulp $6.7bn in six months – Report
Business

Why manufacturers should embrace data-driven pricing – Stakeholders

Manufacturers and service providers have been urged to adopt a data-driven pricing model in order to maintain their competitive edge and navigate the shifts in the new unpredictable world. The Punch reported that stakeholders said this at the NielsenIQ Breakfast Conference with the theme “Navigating the New World of Uncertainty” held recently in Lagos. The stakeholders believe […]

Manufacturers warn price hikes to persist without solutions
Business

Manufacturers spent N119bn on electricity in nine years – MAN

Manufacturers’ Association of Nigeria has reported that manufacturers spending on alternative energy sources increased by 82% between 2014 and 2022,  from N25 billion to N144 billion excluding power from distribution companies. According to The Punch, this is based on information compiled from the Manufacturers Association of Nigeria’s annual and biannual reports. The documents state that manufacturers spent […]

AfCFTA: Intra-Africa exports to surpass $1trn by 2035 - Standard Chartered
Business

AfCFTA implementation begins as MAN trains exporters

The Manufacturers Association of Nigeria’s Export Group has trained local exporters as eight African countries begin exporting under the African Continental Free Trade Agreement’s Guided Trade Initiative. The Punch reported that this information was presented by the MANEG Chairman, Mrs. Odiri Erewa-Meggison, at a two-day training session for exporters on Tuesday in Lagos. The training […]

Manufacturers warn price hikes to persist without solutions
News

Why manufacturers invested N144bn in alternative energy sources – MAN

The Manufacturers Association of Nigeria has stated that the cost of accessing alternative energy sources increased by 87% between 2021 and 2022, from N77.22 billion to N144.5 billion spent by its members. The News Agency of Nigeria reported that this is because the association has protested against the anticipated hike in electricity rates that will take […]

Manufacturers warn price hikes to persist without solutions
Energy

How self-generated power costs manufacturers N144.5bn in one year

With the cost of self-generated power in the industry skyrocketing to N144.5 billion in 2022, up 87.13 percent from N77.22 billion in 2021, the near collapse of the public energy supply system has made doing business in Nigeria’s manufacturing sector more difficult. According to Vanguard, findings suggest that the problem might have gotten worse this […]

Manufacturers warn price hikes to persist without solutions
featured

How 2023 Electricity Act will boost manufacturing sector – MAN

The newly passed 2023 Electricity Act is expected to benefit the country’s manufacturing industry, according to the Manufacturers Association of Nigeria. Nairametrics reported that the lack of proper access to electricity has long been a problem for Nigerian manufacturers, according to a statement from MAN. However, thanks to the Act, manufacturers will have easier access […]