Economy
MAN Tasks Tinubu Government On Reforms To Boost Local Industries
MAN Tasks Tinubu Government On Reforms To Boost Local Industries
MAN tasks Tinubu government on reforms to boost local industries. He said that statistics showed that Nigeria’s overall GDP grew by 3.40 per cent in 2024.
The Manufacturers Association of Nigeria (MAN) has urged the federal government to introduce reforms that will support
the growth and development of local industries in the country.
The association made the call at the 40th Annual General Meeting of MAN, Ogun State Branch, on Thursday in Abeokuta.
The theme of the meeting is: “Financing Manufacturing Concerns: Exploring Alternative.”
The chairman of MAN, Ogun branch, George Onafowokan, who expressed deep concern over the decline in the nation’s manufacturing sector called for urgent reforms to support local industries.
Mr Onafowokan noted that the manufacturing sector’s contribution to Nigeria’s Gross Domestic Product (GDP) declined significantly from 16.04 per cent in the fourth quarter of 2023 to 12.68 per cent by mid-2024.
He attributed the decline to rising inflation, foreign exchange scarcity, high lending rates, and regulatory policies.
He said that statistics showed that Nigeria’s overall GDP grew by 3.40 per cent in 2024, driven mainly by the service and industry sectors, which includes manufacturing.
Mt Onafowokan also highlighted the industry’s struggles with foreign exchange volatility, inflation, and regulatory burdens.
He said in spite of the harsh environment, members continued to operate and contribute meaningfully to the economy.
He listed some of the challenges facing manufacturers in Ogun state as unconstitutional levies by local governments, arbitrary regulatory fines, and harassment by government agencies and security institutions.
“Members have remained steadfast, keeping factories running, paying workers, and contributing to Ogun state’s revenue base and Nigeria’s GDP.
“Despite these challenges, Ogun manufacturers continue to operate and invest in the economy,” he said.
The chairman also lamented the rising cost of accessing finance from commercial banks, citing the high monetary policy rate (MPR), which stood at 27.5 per cent as of May 2025.
He explained that the high interest loan makes repayment burdensome and erodes profit margins.
He, however, urged manufacturers who needed loans to explore other avenues where they could access affordable funds for operations and expansion.
He noted that institutions such as the Bank of Industry (BoI), LECON Finance Company, and Agusto & Co. were present to provide guidance on such alternatives.
In his remark, the state governor, Dapo Abiodun, who was represented by the commissioner for industry, trade, and investment, Adebola Sofela, commended manufacturers for their resilience.
He assured them of the state government’s commitment to improving the business environment through tax harmonisation and infrastructure development.
Also speaking, MAN president, Francis Meshioye, while speaking on the theme, called on the federal government to fully implement the Nigeria First Policy.
Mr Meshioye noted that government must insist that the policy must be enforced, through the mandatory patronage of locally made products by all arms and levels of government.
“All uniformed agencies should source their vehicles, uniforms, shoes, and other materials from Nigerian companies.
Government contractors must be obliged to prioritise local content, and there must be penalties for non-compliance.
MAN Tasks Tinubu Government On Reforms To Boost Local Industries
“We are actively working with the Minister of State for Industry through the Industrial Revolution Working Group to see through these reforms.
“We must restore confidence to the manufacturing space,” he said.
He also demanded the immediate clearance of the $2.4 billion outstanding foreign exchange forwards owed manufacturers, lamenting that many companies are “bleeding” due to double interest payments.
“We also urge the Ogun State Government to domesticate the policy and ensure that all ministries, departments, and agencies in the state prioritise made-in-Nigeria goods in procurement and contracting,” he said.
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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