The Manufacturers Association of Nigeria (MAN) said that the outlook of the manufacturing sector in 2025 will largely depend on the outcome of the ongoing economic reforms of the federal government.
President of MAN, Francis Meshioye, who stated this at the 9th edition of the MAN Media Personality of the Year Award held in Lagos, also identified the efficient adoption of Artificial Intelligence (AI) as a potential game changer for the sector.
Meshioye said manufacturers are hoping for a more stable economy in 2025 depending mostly on the success of the economic reforms of the government, while expressing hope in the effective management of the Electronic Foreign Exchange Matching System (EFEMS) to stabilise the Naira.
He stated: “Looking ahead to 2025, Nigeria’s overall economic growth is projected to be around 4%, a modest recovery compared to previous years, though still lower than the average growth rate for sub-Saharan Africa.
“We should expect that interest rate will begin to ease, as its continued hike by the Central Bank of Nigeria (CBN) has failed to curb inflation and has instead stifled investment and business expansion.
“Only a favourable interest rate environment would help manufacturers access the necessary financing to reinvest in their operations and drive productivity.”
