The country’s manufacturers have described exorbitant fines imposed on members and persistent threats of factory closures by state agents as evidence of overregulation and policy inconsistency by the government.
The Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, who stated this at the public presentation of the MAN CEO Confidence Index Reports Q3 2025 and MAN Think Tank Report 2025 in Lagos recently, also identified the unwarranted oversight activities of the National Assembly as another factor that had not helped the cause of the sector in Q3 2025.
The modest 0.4 point increase, from 50.3 in Q2 2025 to 50.7 in Q3 2025, in the trust level of more than 500 CEOs interviewed for the study, was described as significant as it marked the second consecutive quarterly increase, indicating a “cautiously improving perception among manufacturers.”
Ajayi also described the slight rebounds of 0.6 points and 0.3 points recorded in the current business condition and employment status respectively in the study as reflecting increased confidence driven by the disinflationary trend and a more stable exchange rate, which have eased pressures on input costs.
However, it attributed the marginal 0.3 point drop in current production conditions to industrial conflicts in the oil and gas sector, which disrupted gas supplies, raised energy costs and limited manufacturing production.
Ajayi noted that underlying challenges, particularly high inflation, exchange rates and interest rates, have continued to have their effects on the sector, as evidenced by the current indices for the quarter, which still remained below the 50-point threshold.
However, he was satisfied with the indices expected for the next quarter, which remain above 50 points, and described them as a sign of sustained optimism among manufacturers.
“This optimism is driven not only by recent policy adjustments, such as the 50 basis point cut in the benchmark interest rate and the approval of tax incentives for local sourcing of raw materials, but also by strong expectations that the next National Industrial Policy will be largely driven by the private sector.
“Manufacturers are confident that a policy framework based on private sector participation will catalyze industrial competitiveness, stimulate productive investment and open new frontiers for growth,” he added.
Ajayi noted that while recent indices showed that the sector and the broader economy are gradually finding their footing, he warned that the sector could falter without deliberate and adequate industry-friendly interventions.
The President of the association, Otunba Francis Meshioye, described the MAN Think Tank 2025 and the MCCI as a strategic platform created by the association with the main objective of analyzing the performance of X-ray manufacturing, identifying the binding constraints and co-creating a robust roadmap that will positively influence the narratives of the sector in the years to come.
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