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Tag: Manufacturers Association of Nigeria

News

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 […]

MAN faults CBN's interest rate Hike
News

MAN faults CBN’s interest rate Hike

The Director-General of the Manufacturers Association of Nigeria, Mr. Segun Ajayi Kadir, has criticized the Central Bank of Nigeria’s recent decision to raise the monetary policy rate by 150 basis points. Speaking at a press conference in Lagos on Thursday, Ajayi-Kadir warned that this increase will exacerbate the already high cost of doing business in […]

Manufacturing sector's contribution to GDP drops to 8.42% in Q3
News

Manufacturing sector’s contribution to GDP drops to 8.42% in Q3

Bisola David The manufacturing sector’s actual GDP contribution to Nigeria fell to 8.42% in the third quarter of 2023. According to The Times, compared to the 8.62% contribution of the sector in the second quarter of 2023, this statistic is lower by 0.20%. The sector’s economic contribution was 8.59% in the quarter that compared to […]

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 […]

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 […]

Energy

Manufacturers spend N425bn on alternative power

Manufacturers spent N425 billion on alternative energy sources such as gas, low-pour fuel oil, diesel, and petrol between 2017 and 2021, according to The PUNCH’s computation of energy expenditure of members of the Manufacturers Association of Nigeria, MAN, within the period. This does not include manufacturers’ expenditure on power coming from electricity distribution companies, popularly […]

Trapped funds: CBN to give foreign airlines $150m
Economy

Massive job cut looms as dollar hits N590

The lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1, our correspondent has learnt. The development may lead to massive job loss in the manufacturing industry, among other sectors, according to the Manufacturers Association of Nigeria. The development comes over […]

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