Manufacturers Association of Nigeria calls for reforms to combat inflation and boost industrial competitiveness
via Punch Nigeria10 min read
The Manufacturers Association of Nigeria MAN has reiterated its demand for comprehensive structural reforms to tackle inflation, enhance productivity, and strengthen the country's manufacturing sector. This call comes as Nigeria's headline inflation slightly decreased to 15.91 percent in June 2026 from 15.93 percent in May, though food inflation rose month-on-month due to increased prices of staples like fresh pepper, tomatoes, and yams. Segun Ajayi-Kadir, Director-General of MAN, highlighted that the persistent inflation underscores the fragility of Nigeria's economic recovery, with rising food and energy costs, transportation expenses, and exchange rate pressures increasing production costs and reducing consumer purchasing power. MAN advocates for reforms that improve infrastructure, ensure security in agricultural and industrial areas, and stabilize the foreign exchange market. The association also seeks policies to enhance industrial competitiveness, encourage investment, expand local production, and deepen exports, aiming to position Nigeria as Africa's industrial hub. Ajayi-Kadir expressed concern over declining credit to manufacturers, emphasizing the need for affordable financing to support industrialization. MAN supports tax reforms for modern administration and revenue generation but opposes the retroactive application of the 2025 Nigeria Tax Laws. The association also urged the Federal Government to resolve outstanding foreign exchange forward obligations owed to m
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Lagos emergency responders successfully contained two separate fire incidents on Thursday, preventing major disasters and recording no casualties. In Ikotun, a gas-laden tanker caught fire after striking a road bump, causing the driver to lose control and a tire to burst. The Lagos State Emergency Management Agency LASEMA, Lagos State Fire and Rescue Service, Lagos State Traffic Management Authority, Federal Road Safety Corps, and Nigeria Police collaborated to extinguish the blaze and manage traffic. LASEMA Permanent Secretary Olufemi Oke-Osanyintolu urged motorists to obey speed limits. Separately, the Lagos State Fire and Rescue Service confirmed a fire at the electronics section of a Justrite Superstore in Egbeda-Akowonjo. Controller General Margaret Adeseye reported that firefighters quickly contained the fire, which preliminary findings suggest originated from an alternative power source, specifically the building's solar inverter system. Both incidents were brought under control with no loss of life or injuries.
The Abia State Police Command has confirmed the mysterious death of five members of the same family in Umuimo, Osisioma Ngwa Local Government Area. The victims, identified as Mr Kachi Nnabugwu, his wife, Chinaza, and their three children, were found dead inside their residence on Tuesday. The incident was reported to the Osisioma Divisional Police Headquarters on July 22, 2026, by the deceased's brother after he was unable to reach them. Upon forcing entry into the house, the lifeless and decomposing bodies were discovered. Police Public Relations Officer, DSP Maureen Chinaka, stated that detectives visited the scene, conducted a preliminary visual inspection, and took photographs. The bodies have been deposited at the morgue for preservation and autopsy, with investigations ongoing. Residents reported the family was last seen on Saturday, July 18, and neighbors forced entry after repeated failed attempts to contact them. Containers of leftover food and a generator were reportedly found in the building. The circumstances surrounding the deaths remain unclear.
Credit extended to Nigeria's private sector reached N83.3tn in June 2026, marking a 2.8 percent increase from N81tn in May. This data comes from the Central Bank of Nigeria's latest Money and Credit Statistics. Conversely, credit to the government saw a 0.99 percent decline, falling to N40tn in June from N40.4tn in May. Consequently, net domestic credit grew by 1.5 percent to N123.3tn in June, up from N121.42tn the previous month. This rise in private sector lending indicates that banks are continuing to provide credit to businesses and households, even with the Central Bank of Nigeria's high-interest rate policy. Analysts suggest that sustained credit growth could foster business expansion, investment, and overall economic activity. However, there is also a concern that if credit growth outpaces the economy's productive capacity, it could lead to increased inflationary pressures. The figures highlight a persistent demand for financing despite the Central Bank of Nigeria's tight monetary policy, which aims to control inflation and stabilize prices.