Against the backlash of the harsh macroeconomic environment in 2024 and beginning of 2025, the Manufacturers Association of Nigeria (MAN) has predicted a bleak outlook for manucturers during the year.

Specifically, MAN noted that the country’s manufacturing sector was in a precarious state, stressing that the country would continue to hang in the balance unless the plights of manufactures are adequately addressed with appropriate interventions.

The Director-General of MAN, Mr. Segun Ajayi-Kadir, disclosed this in the Fourth Quarter (Q4) 2024 MAN CEO’s Confidence Index (MCCI) released yesterday by the association. Ajayi-Kadir described 2025 as pivotal and that the outcome would be crucial for this most significant sector (manufacturing).

According to him, the exorbitant electricity tariff hike, high exchange rate, multiple taxation, high interest rate, low credit access and insecurity remain some of the top challenges of manufacturers that need to be tackled in all front to bring succour to the sector.

The MAN DG said: “The challenges are clear. Therefore, macroeconomic reforms must involve actionable plans that take precedence over rhetoric.

“The President’s ambitious goal of taming inflation down to 15 per cent and stabilising the naira at N1,500/$ must be pursued by clearly defined and easily assessable actions, with appropriate timelines.

“The year 2025 is a critical period where government must lead by example by intentionally ramping up domestic industrial production and patronising made-in-Nigeria to further reduce the forex demand pressure.