Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN), has criticized President Bola Tinubu’s policies, claiming they have made manufacturing businesses less attractive in Nigeria over the past year. In an interview with Channels Television on Thursday, Meshioye pointed out that the removal of fuel subsidies, the devaluation of the Naira, recent hikes in electricity tariffs, and rising interest rates have severely impacted the manufacturing sector.
Meshioye noted that the administration has not prioritized manufacturing growth, which is evident from the escalating inflation rates. He highlighted that food and energy price increases are significant contributors to Nigeria’s inflation, with food prices, such as a tuber of yam, rising from about N1000 to N3000, and electricity tariffs increasing from N66 to N209 per kilowatt-hour.
He explained that Nigeria’s high interest rates, which stood at 26.25 percent in May 2024, are a major barrier to business operations. Meshioye urged the government to adopt more supportive policies for manufacturers, emphasizing that current measures have made the sector less attractive.
Peoplesmind
