National Economy
Monday, July 14, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

Aggregate, Sectoral Performances Decline Have Adverse Effects On Manufacturers – MAN

by Olushola Bello
3 years ago
in Business, News
Reading Time: 2 mins read
MAN
Share on FacebookShare on TwitterShare on Telegram

The Manufacturers Association of Nigeria (MAN), said the overall decline in both aggregate and sectoral performances could have far-reaching adverse effects on the manufacturers, going by the gross domestic product(GDP) report for the third quarter of 2022. 

The association said, despite the higher oil prices as well as improvement in terms of trade, the expansion of the growth of the Nigerian economy remains sluggishly above the population growth rate.

The director-general of MAN, Segun Ajayi-Kadir said,  the negative growth of the sector’s GDP sends a strong signal to potential investors in the sector, saying, the impending result is negative investors’ sentiments and pessimism against provision of critical raw materials, technology and technical know-how required to promote the industry.

Recent report by the National Bureau of Statistics (NBS) revealed that year-on-year real GDP growth of the Nigerian economy stood at 2.25 percent in the third quarter of 2022.

At a real GDP value of N18.96 trillion, the latest performance signifies a shortfall of 1.78 percent point from 4.03 percent real GDP growth recorded in the third quarter of the previous year. It also indicates 1.29 percent point decline from the value of economic activities recorded in the second quarter of 2022.

You May Like

‘Nigeria’s BRICS Membership Will Unlock Global Markets For Local Innovators’

Customs Arrests India-bound Passenger With $29,000 At Lagos Airport

Ajayi-Kadir stated that Nigeria’s path to economic growth, industrialisation and sustainable development have been compromised by inadequate attention to the numerous pressing challenges of the manufacturers who are meant to be the propellers of its long-term economic agenda.

According to him, “Achieving a stable rapidly-growing economy would require taking head-on the daily bottlenecks confronted by business owners within the manufacturing sector, considering its active inter-linkages with other key sectoral drivers of the economy.

“Amidst the numerous challenges, forex scarcity, multiple taxation, exorbitant interest rate, high-cost business operating environment, smuggling, insecurity, energy crisis and epileptic power supply are leading the pack.”

To restore the sector to an enviable position in the global business environment and in turn propel an inclusive growth of Nigerian economy, MAN hoped that the government will facilitate the formal service sector to widen tax net and avoid multiple imposition of tax on the manufacturing companies.

It emphasised on that tackling insecurity and smuggling; continue to involve all stakeholders to play a vital role in supporting security along the oil infrastructure; and deploy means to reduce unemployment and boost productivity of the manufacturing by encouraging local sourcing of raw materials, improving infrastructural developments, resolving all credit and forex-related challenges as well as ensuring implementation of the Executive Order 003 and imposing cost-reflective electricity tariff and energy prices.

The association advocated synergistically align monetary and fiscal policies while also curbing fiscal deficits by the gradual removal of fuel subsidy backed with appropriate palliatives for the poor; tackle flood disaster adopting erosion control mechanisms, early warning and emergency services as well as flood risk assessment and ecological funds; and further reducing the reliance of the country on imported products and raw materials by encouraging local sourcing through a comprehensive and integrated incentivised system since Nigeria is largely bearing the brunt of imported inflation.

ShareTweetShare
Previous Post

IB Awards N60m To 50 Enterprises In Boosting Job Creation

Next Post

CBN, Stakeholders Collaborate To Checkmate Rising Cyber Attacks

ANOTHER GOOD READ

‘Nigeria’s BRICS Membership Will Unlock Global Markets For Local Innovators’
News

‘Nigeria’s BRICS Membership Will Unlock Global Markets For Local Innovators’

12 hours ago
Customs Arrests India-bound Passenger With $29,000 At Lagos Airport
News

Customs Arrests India-bound Passenger With $29,000 At Lagos Airport

12 hours ago
Bolt Engages Riders, Policymakers On Safer Urban Mobility
News

Bolt Engages Riders, Policymakers On Safer Urban Mobility

12 hours ago
Energy Stakeholders Discuss Funding For Local Industry Players
News

Energy Stakeholders Discuss Funding For Local Industry Players

12 hours ago
Netherlands Renegotiates Double Taxation Agreement With Nigeria
News

Netherlands Renegotiates Double Taxation Agreement With Nigeria

12 hours ago
FIRS, AFRITAC West 2 Deepen Collaboration On Taxpayer Services, Digital Reforms
News

FIRS, AFRITAC West 2 Deepen Collaboration On Taxpayer Services, Digital Reforms

12 hours ago
Next Post
Godwin-Emefiele-1 (1)

CBN, Stakeholders Collaborate To Checkmate Rising Cyber Attacks

Most Recent

Where Is The Fighting Ground Of Fintech Firms?

Where Is The Fighting Ground Of Fintech Firms?

July 14, 2025
FIFA Opens Office In Trump Tower

FIFA Opens Office In Trump Tower

July 14, 2025
Delta Gears Up For Groundbreaking CNS Swimming Championship

Delta Gears Up For Groundbreaking CNS Swimming Championship

July 14, 2025
Jeremiah, Sani-Inabo Advance To VEMP Doubles Quarterfinals

Jeremiah, Sani-Inabo Advance To VEMP Doubles Quarterfinals

July 14, 2025
WAFCON 2024: Super Falcons Battle Botswana, Eye Quarter-Final Spot

WAFCON 2024: Super Falcons Battle Botswana, Eye Quarter-Final Spot

July 14, 2025
Between Depleting Workforce And Declining Productivity

Between Depleting Workforce And Declining Productivity

July 14, 2025
Driving Aviation Growth Through Regional Collaboration

Driving Aviation Growth Through Regional Collaboration

July 14, 2025
PalmPay Targets 35m People With Digital Insurance Services

PalmPay Targets 35m People With Digital Insurance Services

July 14, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy