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MAN accuses Banks of sabotage over unresolved FX contracts 

The Manufacturers Association of Nigeria has voiced serious concerns over what it terms the unfair treatment of its members by some commercial banks regarding unresolved foreign exchange forward obligations. In a statement released on Thursday and signed by its Director General, Segun Ajayi-Kadir, the Association urged the Central Bank of Nigeria to take immediate action […]

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NCS’s planned 4% FOB levy will harm industry — MAN

The Manufacturers Association of Nigeria has raised alarm over the Nigeria Customs Service’s reported plan to reinstate a 4% Free-On-Board levy, labeling it a potential catalyst for de-industrialization. In a statement Tuesday, MAN’s Director-General, Segun Ajayi-Kadir, described the move as “unfortunate and retrogressive,” arguing it disregards the interests of manufacturers and other key stakeholders. MAN […]

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Forex shortage drives rise in local raw material use – MAN

Nigeria’s foreign exchange crunch in 2024 prompted manufacturers to increase their use of local inputs in a bid to cut costs and maximise value, according to the Manufacturers Association of Nigeria. In its latest economic review for the second half of 2024, MAN reported that local raw material utilisation in the manufacturing sector rose to […]

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Local polypropylene production to boost Nigeria’s textile industry – MAN

The Manufacturers Association of Nigeria stated that the increased local production of polypropylene in Nigeria will strengthen the country’s textile industry. In a recent interview, the Director General of MAN, Segun Kadir-Ajayi, noted that Dangote Refinery’s addition of 900,000 tons of polypropylene will save Nigeria $267 million in import costs. This development is expected to […]

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MAN laments excessive annual charges by FRC

The Manufacturers Association of Nigeria has expressed serious concern over the substantial increase in annual charges imposed on private companies by the Financial Reporting Council of Nigeria under the recently amended FRCN Act. MAN describes these charges as “astronomical,” particularly affecting listed companies and imposing excessive fees on non-listed companies, including those operating at a […]

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Manufacturers under Band A electricity struggling, says MAN

The Manufacturers Power Development Company Limited established under the Manufacturers Association of Nigeria, has raised concerns over the unsustainable energy costs facing manufacturing firms, particularly those in the Band A electricity category. The firm has taken proactive steps to address this issue by providing sustainable energy solutions to 10 companies, as part of a larger […]

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High production cost affecting local goods’ competitiveness – MAN

The Manufacturers Association of Nigeria has identified the high cost of production as a significant barrier to the competitiveness of locally made goods. The Director General of MAN, Segun Ajayi-Kadir, said while Nigerian products meet international quality standards, they face challenges in competing with imported goods due to a harsh operating environment, according to The […]

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MAN demands reduction in soaring electricity tariffs

The Manufacturers Association of Nigeria is urging a reduction in the recently approved electricity tariffs by the Nigerian Electricity Regulatory Commission which saw a 250 per cent increase. Director General, Segun Ajayi-Kadir expressed concerns that such a steep rise is unsustainable for manufacturers, highlighting the potential negative impact on the industry during a media briefing […]

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Manufacturers call for tax relief amid dwindling sales

The Manufacturers Association of Nigeria has urged the government to provide tax relief for manufacturers to help them manage the decline in sales. The Director General of MAN, Segun Ajayi-Kadir said that manufacturers in the country currently pay between 60 and 120 different taxes, according to The Punch. He noted that manufacturers are burdened by […]

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MAN forecasts worse performance for manufacturing sector in 2024 Q4

The Manufacturing Association of Nigeria has projected a bleak outlook for the country’s manufacturing sector in the fourth quarter of 2024. The Director General of MAN, Segun Ajayi-Kadir voiced concerns that current economic conditions offer no relief for manufacturers, who are grappling with increasing production costs and declining sales, according to The Punch. Ajayi-Kadir painted […]

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Fuel price hike threatens SMEs survival, MAN warns

The Manufacturers Association of Nigeria has expressed concern over the recent increase in petrol prices, highlighting that Small and Medium Scale Enterprises are likely to face severe challenges. In an interview with the News Agency of Nigeria, the Director General of MAN, Mr. Segun Ajayi Kadir warned that the price hike could lead to significant […]

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MAN urge CBN to resolve $2.4bn forex contracts

Manufacturers Association of Nigeria has urged the Central Bank of Nigeria to resolve the $2.4bn foreign exchange forward contracts to avoid plunging the manufacturing sector into a crisis. This was disclosed in a statement by the Director-General of MAN, Segun Ajayi-Kadir on Thursday, according to The Punch. Ajayi-Kadir said that CBN seems to be breaking […]

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