The Manufacturers Association of Nigeria (MAN), has bemoaned the astronomical surge of 118 per cent in the cost of imported raw materials, which grew to N6.64 trillion and foreign exchange (FX) losses of N1.62 trillion that its members suffered in 2024 alone.
The Director General of MAN, Segun Ajayi-Kadir, stated this in his address at the 2025 BusinessDay Manufacturing Conference with the theme, “Unlocking Nigeria’s Manufacturing Potential: Strategies for Sustainable Growth Amid Economic Turbulence.”
The MAN used the conference to ask the federal government to gazette the “Nigeria First Policy,” enact it into law with stipulated punitive measures for violators in order, “to give the policy legal standing, ensuring transparency, public awareness, and enforceability across government institutions and the private sector.”
According to him, the manufacturing sector is worse hit by the prevailing economic downturn and is now facing the combined storm of foreign exchange (FX) losses, rising raw material costs, high energy prices, multiple taxation and escalated borrowing among other challenges.
