The Manufacturers Association of Nigeria (MAN) revealed that a staggering N3.04 trillion was spent on importing raw materials for industrial production in 2023, highlighting the vulnerability of the manufacturing sector to global market fluctuations.
MAN’s Director General, Segun Ajayi-Kadir, made this statement during a Town Hall Meeting attended by the Minister of State for Industry, Trade, and Investment, Sen. John Enoh, alongside representatives from the Organised Private Sector (OPS). The event was focused on fostering discussions aimed at transforming Nigeria’s industrial landscape.
Ajayi-Kadir emphasized that the manufacturing sector, which contributed 46.5 percent to Nigeria’s industrial output in 2023, is a crucial driver of the nation’s economic potential. He noted that with proper harnessing, manufacturing could contribute over 80 percent of Nigeria’s non-oil exports and generate up to $6.72 billion in foreign exchange.
Despite facing challenges like high inflation, infrastructure deficits, electricity shortages, and a depreciating naira, the manufacturing sector remains resilient, contributing $55.74 billion to Nigeria’s total industrial output of $118.22 billion in 2023.
The MAN DG underscored that manufacturing plays a pivotal role in economic development, job creation, and industrialisation, and called for a renewed focus on strengthening the sector to unlock its full potential.
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