The Manufacturers Association of Nigeria (MAN) has raised alarm over the soaring cost of imported raw materials and severe foreign exchange (FX) losses, which battered the sector in 2024.
Speaking at the 2025 BusinessDay Manufacturing Conference, MAN Director General, Mr. Segun Ajayi-Kadir, revealed that manufacturers faced a 118 percent rise in raw material costs, which climbed to N6.64 trillion last year. Additionally, the sector suffered FX-related losses amounting to N1.62 trillion.
Themed “Unlocking Nigeria’s Manufacturing Potential: Strategies for Sustainable Growth Amid Economic Turbulence,” the conference became a platform for MAN to push for urgent policy reform.
Ajayi-Kadir urged the federal government to gazette and legislate the Nigeria First Policy, including punitive measures for violators, in order to ensure enforceability, transparency, and accountability across public and private institutions.
According to him, the manufacturing sector remains one of the hardest hit by the country’s economic instability. He cited a storm of challenges, including foreign exchange volatility, skyrocketing energy prices, multiple taxation, and costly borrowing conditions, all of which continue to stifle industrial productivity.
He emphasized that protecting local manufacturers is key to reviving the sector, boosting job creation, and enhancing Nigeria’s economic resilience.
