By Kamal Yalwa: August 2, 2025
The Manufacturers Association of Nigeria (MAN) has called on its members to explore alternative sources of funding as the country grapples with persistent economic challenges and high interest rates.
Speaking during the 40th Annual General Meeting (AGM) of the Ogun State branch of MAN, Chairman George Onafowokan highlighted the growing difficulty manufacturers face in accessing credit from commercial banks. He attributed this to the soaring Monetary Policy Rate (MPR), which stood at 27.5% as of May 2025, saying it has made loan repayments difficult and significantly eroded profit margins.
Onafowokan urged manufacturers to consider innovative and non-traditional financing options to keep their businesses afloat and competitive under the current harsh economic conditions.
Representing Ogun State Governor Dapo Abiodun at the event, Commissioner for Industry, Trade, and Investment, Adebola Sofela, commended manufacturers for their resilience. He reaffirmed the state government’s commitment to enhancing the ease of doing business through policies such as tax harmonization and improved infrastructure development.
Stakeholders at the event also used the occasion to advocate for the revival of quarterly interactive meetings between manufacturers and government agencies, the rehabilitation of internal roads in industrial hubs like Agbara and Ota, and a halt to multiple taxation, which they say continues to stifle business growth.
The AGM served as a platform for robust dialogue between the private sector and government on how to revitalize manufacturing in the face of Nigeria’s ongoing economic headwinds.
