The Manufacturers Association of Nigeria (MAN), led by its President, Otunba Francis Meshioye OFR, hosted the 9th edition of the MAN Media Personality of the Year Awards and Presidential Media Luncheon at its headquarters in Lagos. The event celebrated the vital contributions of the press to Nigeria’s manufacturing sector while addressing the challenges and opportunities facing the industry in the new year.
In his keynote address, Otunba Meshioye highlighted the indispensable role of the press in amplifying MAN’s advocacy efforts, emphasizing that the media has been pivotal in promoting policy reforms favorable to the growth of Nigeria’s real sector. He expressed gratitude for the media’s unwavering support, describing the press as a “partner in progress” committed to Nigeria’s economic transformation.
The Manufacturing Sector in 2024: Challenges and Resilience
Reflecting on the manufacturing sector’s performance in 2024, Otunba Meshioye noted that the industry faced formidable macroeconomic and infrastructural challenges. Among the most pressing were:
- Inflation reached an alarming 34.6% by November 2024, significantly reducing consumers’ purchasing power and accumulating unsold inventory valued at over N1.4 trillion.
- A sharp depreciation of the Naira fell from ₦666/$ in mid-2023 to over ₦1700/$ by mid-2024, inflating the cost of imported raw materials and machinery.
- Record-high interest rates peaked at 27.7% in November 2024, which constrained manufacturers’ access to financing for expansion and modernization.
- A dramatic 250% increase in electricity tariffs has exacerbated operational costs and forced many businesses to seek alternative energy sources.
These factors collectively reduced the manufacturing sector’s contribution to Nigeria’s GDP from 16.04% in Q4 2023 to 12.68% in Q2 2024.
A Positive Outlook for 2025
Despite these challenges, Otunba Meshioye expressed optimism about the prospects for 2025, projecting modest economic growth of 4% and a potential stabilization of the exchange rate. He attributed this outlook to ongoing fiscal and monetary reforms, including the implementation of the Electronic Foreign Exchange Matching System (EFEMS) by the Central Bank of Nigeria (CBN). The Naira is expected to stabilize between ₦1500 and ₦1650 to 1 USD in the first quarter of 2025.
The President emphasized the critical role of technological advancements in driving the sector’s recovery. “The efficient adoption of Artificial Intelligence (AI) will be a game-changer for the manufacturing sector, enhancing productivity, improving capacity utilization, and fostering innovative product development,” he said.
Key Recommendations to the Government
To ensure sustained growth, MAN presented several recommendations to the government, including:
- Timely passage of the four tax bills currently before the National Assembly.
- Implement policies promoting patronage of made-in-Nigeria products.
- Strategies to curb inflation and ensure food security through local sourcing of raw materials.
- Addressing policy inconsistencies to build investor confidence.
- Upgrading critical infrastructure, such as roads and railways.
- Ensuring energy security and reviewing electricity tariffs downward.
- Clearing the backlog of forex forward commitments by the CBN.
- Providing affordable lending rates and increased access to credit for manufacturers.
Celebrating Excellence in Media
The MAN Media Personality of the Year Awards, a highlight of the luncheon, recognized outstanding journalists and media professionals who have made significant contributions to promoting the manufacturing sector. Otunba Meshioye announced an upward review of the cash prizes for winners, a testament to MAN’s commitment to rewarding excellence and strengthening its partnership with the media.
Winners are Mr Yinka Kolawole of Vanguard Newspapers in the print category while Mr Chikodi Okereocha is the second runner up, Mrs Ebere Obidike Franklin of Radio Nigeria in the radio category, Mr Abiola Ismail of MiTV in the television category, Mr Temitope Aina of Daily Sun newspapers in the photojournalist category while Mr. Wale Amoo is the second-runner up, Mrs Yemisi Izuora of Oriental News in the online category and the second runner-up is Mr Anthony Nwakaegho.
While congratulating the winners, he encouraged all nominees to continue their excellent work, assuring them that their contributions are deeply valued. “If you are not among the winners today, know that this is just a competition, and your time will come,” he remarked.
Other distinguished personalities at the event include Prince Oba Okojie, Vice President of MAN Ikeja Branch; Segun Ajayi-Kadir, Director General of MAN; Mrs. Kofo Akinkugbe, Chairman of the Corporate Affairs and Strategic Planning Committee; and Mr. Charles Okonji, Chairman of CICAN.
The Path Forward
Concluding his address, Otunba Meshioye called on all stakeholders to remain steadfast in their efforts to revitalize the manufacturing sector. “Manufacturing is pivotal to Nigeria’s economic growth and development. A win for the manufacturing sector is a win for the economy and, by extension, a better life for the citizenry,” he stated.
The 2025 MAN Media Personality Awards and Presidential Media Luncheon underscored the importance of collaboration between the manufacturing sector and the media in shaping policies that drive sustainable economic growth. With a shared commitment to innovation, resilience, and strategic advocacy, MAN and its partners are poised to navigate the challenges of 2025 and beyond.
