The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to stop increasing the monetary policy rate and instead explore a monetary-fiscal option to bring down inflation. In a statement on Thursday, the Director General (DG) of MAN, Segun Ajayi-Kadir, said the recent hike in interest rate to 27.25 per cent would worsen the already …

Manufacturers have lamented the high cost of automotive gas oil (AGO), also known as diesel, which is used in generating power for their operations, noting that the product gulps about 80 per cent of their profits. Speaking on the plight of manufacturers against the backdrop of rising prices of their products, the Director General of MAN, Segun Ajayi-Kadir, said manufacturers …

The Manufacturers Association of Nigeria (MAN) has said that 767 manufacturers shut down operations while 335 became distressed in 2023. This came against the backdrop of exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. MAN stated this in a statement in which it condemned the recently introduced Expatriate Employment Levy (EEL) by the …

The Chairman of the Manufacturers Association of Nigeria (MAN) Export Promotion Group, Mr. Odiri Erewa-Meggison has said that the manufacturing sector is currently experiencing the toughest period in the history of its existence. Erewa-Meggison stated this on Wednesday during the Annual General Meeting of MAN’s export wing. The event was themed ‘Manufactured Products’ Competitiveness under the AfCFTA amidst increasing high …

On the backdrop of the sustained hike in monetary policy rates as well as lending rates in banks, chief executives of manufacturing firms have called on the monetary authority to rethink its strategy, saying that exorbitant borrowing cost place a heavy burden on companies and impede their ability to expand the operation and invest in technology. They also decried the …

The Manufacturers Association of Nigeria (MAN) has warned that implementation of the proposed hike in electricity tariff by power distribution companies may force more multinational companies to relocate their factories outside Nigeria. MAN President, Chief Francis Meshioye told newsmenthat some international manufacturing firms had already exited the country due to the harsh operating environment including the power crisis, adding that …

The Manufacturers Association of Nigeria (MAN) has called on President Bola Tinubu’s administration to review all fiscal policies that were not business-friendly and were implemented by the immediate past government. The association called for a reversal of the violation of the government’s three-year excise escalation roadmap on alcoholic beverages and tobacco by former President Muhammadu Buhari’s administration. In a statement …

The N4 trillion approved on Thursday by the National Assembly to fund fuel subsidy this year has been condemned by the Manufacturers Association of Nigeria (MAN), which says the action would ruin the economy. Fuel subsidy fund was N442.72 in the budget earlier passed by the legislature and assented to by President Muhammadu Buhari. But with this new development, it …