In spite of the national macroeconomic indicators showing nominal Q2  2026  growth of 4.43 percent, such growth has not rubbed off positively on the nation’s  dying real sector, the Manufacturers Association of Nigeria (MAN) has lamented.

 

The association stated this while giving its perspective on this year’s  theme of the association’s 6th Adeola Odutola Lecture, in a paper tagged: “Reflections On The 6^th Adeola Odutola Lecture: The Perspectives of the Manufacturers Association of Nigeria of Nigeria on Leveraging National Industrial Policy To Position Nigeria As Africa’s Industrial Hub”.

 

At the event held, in Lagos, on Tuesday,  the association argued that for the nation’s industrial Policy  to translate into improved productivity on factory floors, government must aggressively implement measures, in the report, that would  safeguard the sanctity of the Policy and guarantee improved industrial output.

 

MAN noted that no nation had ever transitioned from poverty to enduring wealth simply by trading raw commodities or consuming imported goods as presently obtained in Nigeria.

 

Citing postwar Japan, South Korea and even Indonesia, as examples, the association argued that leaders in those countries were intentional in their support for their countries’ real sector, before their economies delievered huge growth in their real sectors.

 

“Look at postwar  Japan, where the Ministry of International Trade and Industry (MITI) orchestrated an economic miracle that delivered an astonishing  10.2 percent average annual real GDP growth throughout the 1960s,” the association stated.

 

It, therefore, noted  that the country has the potential  to become Africa’s industrial hub, especially with its huge entrepreneurial population, domestic market and economic weight, among others.

 

“But potential is not performance. Manufacturing has remained about 7 percent of GDP, manufactured exports generate only about 3 percent of export revenue, and exports of goods and services stand at just 10.7 percent of GDP, far below African peers,” it stated.

 

 

To overcome this challenge, therefore, the association stressed the need to convert scale into productivity, competitiveness and exports.

 

It would also want the government to shield industrial output and champion inclusive, sustainable growth.

 

The umbrella body of the nation’s manufacturers added that while  government currently faces immense macroeconomic pressures to maintain disinflation and manage a total  public debt of N159.35 Trillion,  the sector is also navigating a very tough landscape, with inflation severely eroding the average Nigerian’s purchasing power.

 

In his Keynote Speech at the event, former Director General of the United Nation Industrial Development (UNIDO), Dr. Kandeh Yumkella,  expressed the firm belief that the country has the essential foundation to become an industrial powerhouse.

 

He however identified the complete dominance of imports in the citizens’ daily consumption, despite its abundant resources  and huge market, as one of the challenges facing the sector.