The Manufacturers Association of Nigeria (MAN) has acknowledged that while the economic reforms under President Bola Tinubu have created tough times for citizens and businesses, they remain necessary steps for Nigeria’s long-term stability.
Speaking in Calabar after a familiarisation visit to member companies, the Chairman of MAN in Cross River and Akwa Ibom States, Dr. Adoga Inalegwu, described the policies as “bold moves” needed to address Nigeria’s structural challenges.
He noted that tax reforms, though controversial, have reduced the burden of multiple taxation on manufacturers. He also commended efforts to improve disposable income among Nigerians.
On foreign exchange, Inalegwu admitted that manufacturers still face high costs due to the naira-dollar exchange rate, currently above ₦1,500 to a dollar. However, he welcomed the recent stability and availability of Forex, contrasting it with the severe scarcity experienced in 2023.
“The policies may not be perfect, but there is progress. Nigerian manufacturers are adapting, innovating, and staying resilient despite the hardship,” he said.
The MAN chairman, however, criticised the 2.5% increase in Value Added Tax (VAT), stressing that it is significantly affecting firms that spend billions on inputs. He warned that the VAT hike could reduce revenues and weaken businesses.
Despite the challenges, Inalegwu maintained that with resilience and forward-thinking strategies, manufacturers can survive and thrive in the current economic climate.
