• says manufacturing can help fill Nigeria’s forex gap left by oil
• CBN to support sector with proactive monetary policies and targeted financing
• MAN warns that economic reforms must not destroy businesses; calls for government support
• Lagos agencies’ overlapping inspections increase costs for manufacturers
• FG to borrow N1.76trn through treasury bill sales in Q3 2025
Governor of of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged that incentives be focused on manufacturers producing for export, saying the sector holds “significant potential” to conserve foreign exchange, expand value‑added exports, create jobs and stabilise the economy. He delivered the message at the 54th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), Apapa Branch.
Speaking on the AGM theme, “Complementing the Oil Sector as a Major Forex Earner: Strategy for Manufacturing to Fill the Gap,” Cardoso — represented at the event by Mr Aliyu Ashiru, Head, Trade & Exchange Department,CBN called for a deliberate, coordinated and long‑term industrial strategy to unlock manufacturing’s export potential.
“This policy must be stable, predictable and aligned with trade, monetary and fiscal frameworks,” Cardoso said. “Incentives such as tax holidays, duty waivers for machinery, export rebates and investment guarantees should target manufacturers producing for export markets. Nigeria must move from exporting raw materials to value‑added products.”
He identified key pillars needed to grow the sector: policy alignment across government, investments in infrastructure and energy, improved access to finance and forex for manufacturers, stronger value addition and backward integration — particularly in agro‑processing, petrochemicals and solid minerals.
Cardoso also reassured attendees that the CBN would continue to support the sector through proactive monetary policy measures and targeted financing interventions designed to ease liquidity and forex constraints for viable export‑oriented firms.
MAN cautions against reform fallout
While welcoming support, MAN leaders used the AGM to flag concerns about the pace and implementation of economic reforms. Raphael Danilola, Chairman, MAN Apapa Branch, urged federal and state governments to ensure that reform measures do not undermine businesses.
“While we remain supportive of the various reform measures put in place to reposition our economy, we believe that the implementation of such reforms should be in a manner that will contribute to our continued survival and existence,” Danilola said. He added that Nigeria’s ability to compete in regional markets, particularly under the African Continental Free Trade Area, depends heavily on government‑driven improvements to infrastructure and the overall business environment.
Operational hurdles and overlapping regulators
Executive Secretary of MAN, Apapa Branch, Sunday Okpe Adejoh, highlighted a practical burden for manufacturers: overlapping inspection and regulatory functions by some Lagos State agencies. He said multiple agencies often perform similar oversight duties on the same factory, multiplying compliance efforts and costs — especially when payments are involved.
“We urge the government to review the acts establishing some of these agencies to reduce manufacturers’ burden and encourage investors,” Okpe Adejoh said.
Implication
The CBN’s call for export‑focused incentives and a coherent industrial policy adds momentum to long‑standing industry demands for structural reforms, targeted support and regulatory rationalisation. MAN’s warnings underscore the narrow path policymakers must walk: implementing reforms to stabilise the economy while preserving the viability of domestic manufacturers that could drive much‑needed forex diversification.
