The Manufacturers Association of Nigeria (MAN) has raised concerns over the increasingly stringent regulatory environment in Lagos and across the country, stressing the heavy financial burdens these regulations place on manufacturers. The association is pushing for significant improvements in infrastructure within industrial areas to bolster domestic industries, enhance competitiveness, and ensure the sector’s growth.
At its 57th Annual General Meeting (AGM) of the Ikeja branch, themed “Improving Productivity in Nigeria’s Manufacturing Sector: Monetary/Fiscal Policy, Infrastructure, and Competitiveness,” industry leaders highlighted the critical challenges faced by the sector. Robert Ugbaja, Chairman of MAN’s Ikeja branch, emphasized the vital role of manufacturing in the economy but lamented that harsh operating conditions are severely hindering productivity and competitiveness.
Ugbaja noted that despite the sector’s significant contribution to the GDP, it faces persistent challenges such as inflation, regulatory complexities, and unemployment. He detailed the obstacles manufacturers encounter, including high raw material costs, insecurity, inadequate skilled labor, exorbitant transportation costs, frequent policy changes, exchange rate instability, high-interest loans, poor infrastructure, and overregulation.
MAN President, Francise Meshioye, reiterated the need for sound fiscal policies, robust infrastructure, and strategies to boost global competitiveness, especially as Nigeria undergoes significant economic reforms. Meshioye praised Lagos State Governor Babajide Sanwo-Olu for his cooperation and urged further improvements in infrastructure within industrial areas, harmonization of taxes, and simplification of compliance processes for manufacturers.
Femi Gbadegun, Executive Secretary of MAN’s Ikeja branch, highlighted the constrained operating environment caused by global economic slowdowns and domestic policy uncertainties. He noted that Lagos State’s economic potential is being hampered by infrastructural deficits, regulatory bottlenecks, and inconsistent policies.
Speakers at the event called for operators to adapt their business strategies to current realities, emphasizing collaboration and synergy between monetary and fiscal policies. They also advocated for involving stakeholders in policy formulation before releasing new regulations and improving infrastructure in industrial areas.
Representing Governor Sanwo-Olu, Oluwagbemiga, the Permanent Secretary of the Ministry of Commerce, Trade, and Investment, reassured MAN members of the state’s commitment to supporting the manufacturing sector through job creation and GDP growth initiatives.
