Manufacturers Warn of Policy Gaps Undermining Local Production in Nigeria

Nigeria’s manufacturers express concern that federal economic policies and banking practices disproportionately favor importation over domestic production investments. This stance, according to John Isemede, the immediate past President of the Manufacturers Association of Nigeria (MAN), stems from high lending rates, multiple taxation, rising production costs, and reliance on imported goods.

The challenges include banks generating substantial profits while manufacturers face expensive financing, unreliable electricity, weak infrastructure, and insufficient support for local manufacturing. Dr. John Isemede and Otunba Francis Meshioye, MAN’s former president, attribute these issues to the Federal Government’s continued preference for imports over domestic industrial development.

The Nigeria Industrial Policy 2025 aims to strengthen domestic value chains, boost productivity, enhance exports, and establish Nigeria as a competitive manufacturing hub in Africa.