MAN Seeks Stable Policies As High Costs Squeeze Manufacturers

Manufacturers in Lagos have called for a more predictable business environment, saying high interest rates, energy costs, multiple taxation and infrastructure failures are weakening their ability to compete and invest.

The Manufacturers Association of Nigeria (MAN), Ikeja Branch, made the demand at its 59th yearly general meeting, where industry stakeholders pressed for reforms to ease the pressures confronting the real sector.

MAN President, Francis Meshioye, said the combination of high lending rates and unsustainable energy costs had placed manufacturers under severe pressure.

He said monetary policy tightening had pushed borrowing costs to prohibitive levels, while unreliable electricity and multiple taxation continued to erode the competitiveness of businesses.

Branch Chairman, Thomas Osobu, said manufacturers had remained resilient despite the difficult operating environment, but warned that logistics problems, inadequate infrastructure, regulatory bottlenecks and other policy challenges were limiting productivity and investment.

He called for stronger and more constructive engagement between government and the private sector, arguing that policy reforms would have to be properly designed and consistently implemented to produce results.

“As manufacturers, we firmly believe that well-conceived and consistently implemented policy reforms can unlock industrial productivity, stimulate investment, encourage innovation, create quality jobs and position Nigeria as a globally competitive manufacturing hub,” Osobu said.

He said the association expected the meeting to generate practical recommendations for the next phase of industrial expansion.

The Ologba of Ogba Kingdom, Oba Egbeyemi Latif Oladimeji, said investors needed more than policies to commit their resources, stressing the importance of consistency, implementation and stability.

He said industries had created jobs, supported skills acquisition, contributed to infrastructure and undertaken corporate social responsibility in communities.

However, he criticised what he described as government’s failure to respond adequately to manufacturers’ concerns and urged stronger institutional engagement between the Lagos State Government and MAN.

Representing the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, Director of Commerce Segun Aloba said the state remained committed to manufacturers.

He said the 10-year Lagos State Industrial Policy was aimed at rebuilding the real sector and raising its contribution to GDP from nine per cent to as high as 25 per cent.

The association said practical solutions and sustained dialogue remained necessary to improve the operating environment.