Man President, Otunba Francis Meshioye, Paints Bleak Picture Of 2024, But Forecasts 4% Growth For 2025

The President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, has revealed that the country’s manufacturing sector faced numerous challenges in 2024, including high inflation, a depreciating Naira, rising interest rates, and escalating electricity tariffs.

Meshioye made this known during the 9th edition of the MAN Media Personality of the Year Award and the 2025 Presidential Media Luncheon held at MAN House in Ikeja, Lagos.

He disclosed that Nigeria’s manufacturing sector encountered a myriad of macroeconomic and infrastructural challenges in 2024, resulting in a significant decline in its contribution to the nation’s GDP.

According to him, the sector’s share of the economy dropped from 16.04% in Q4 2023 to 12.68% in Q2 2024.

Despite the bleak picture painted by Meshioye, he forecasted a 4% growth for the Nigerian economy in 2025, driven by the implementation of ongoing economic reforms, including tax reforms, stabilization of critical macroeconomic indicators, and targeted investments in infrastructure and technology.

Meshioye also emphasized the importance of artificial intelligence (AI) in driving growth in the manufacturing sector, predicting that its efficient adoption will enhance production and productivity, improve capacity utilization, and promote innovative product development.

In his recommendations to the government, Meshioye called for the timely passage of the tax bill, implementation of the patronage of made-in-Nigeria products policy, taming of inflation, ensuring food security, and promoting local sourcing of raw materials.

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The MAN President urged the government to take steps to address the challenges facing the sector and called for the timely passage of the 4 tax bill before the National Assembly, implementation of the patronage of made-in-Nigeria products policy, and taming inflation.

He also emphasized the need to ensure food security and promote local sourcing of raw materials, address policy inconsistency, upgrade infrastructure, promote energy security, and downward review of electricity tariffs.

Meshioye also called for the prompt clearance of backlog of Forex by the CBN and ensuring affordable lending rate and increased access to credit.

He emphasizing the importance of manufacturing in driving economic growth and development in Nigeria and urged the government to align with the conviction that a win for the manufacturing sector is a win for the economy and the citizenry.

The event also featured the announcement of the winners of the MAN Media Personality of the Year Award, in various categories.

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