MAN Reports N1.35trn Power Costs Harming Nigerian Industry

At the opening ceremony of the Made-in-Nigeria Exhibition and the 54th Annual General Meeting of the Manufacturers Association of Nigeria (MAN) in Lagos, Otunba Francis Meshioye reported that manufacturers spent N1.35 trillion on alternative power in 2025, an increase from N1.11 trillion in 2024. Additionally, raw material imports surged to N3.53 trillion in the first half of 2025, negatively affecting Nigeria's industrial competitiveness.

Meshioye noted that while manufacturing output grew by 3.29 percent year-on-year in Q1 2026 and capacity utilization increased from 51.33 percent in Q1 2025 to 57.50 percent in Q2 2025, high energy costs are undermining these gains. He emphasized the need for increased local production of raw materials to enhance value addition.

Meshioye called on President Bola Tinubu to expedite the implementation of Executive Orders 003 and 005, which promote local goods, and urged political entities to prioritize local sourcing during the upcoming elections. Prof. Ayo Omotayo from NIPSS supported this call, stating that manufacturing must significantly contribute to Nigeria's GDP for economic growth.