Business News

Current economic situation is the toughest in history for manufacturers – MAN 

Odiri Erewa-Meggison, the Chairman of the Export Promotion Group within the Manufacturers Association of Nigeria (MAN), has expressed that the current period is the most challenging in the history of the manufacturing sector. 

Erewa-Meggison made this statement during the Annual General Meeting of MAN’s export division, which had the theme ‘Competitiveness of Manufactured Products under the AfCFTA in the face of rising production costs in Nigeria.’ 

 In her opening remarks, she highlighted the difficulties faced by exporters, including reduced international demand, and domestic economic issues such as high exchange rates, elevated energy costs, numerous taxes and levies, port congestion, persistent security concerns, and infrastructural limitations, among others. 

Erewa-Meggison also appealed to the Federal Government to reconsider the exclusion of 34 deserving exporters who were previously excluded from participating in the Promissory Notes Program by the 9th Assembly. 

Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria, emphasized the paramount importance of cultivating an export-oriented economy.

He urged manufacturers to remain resilient while navigating the demanding business environment and capitalize on the opportunities presented by the African Continental Free Trade Agreement.