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Tag: Manufacturers Association of Nigeria

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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 […]

News

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 […]

News

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 […]

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 […]

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