Rita Odafe
Francis Meshioye, the President of the Manufacturers Association of Nigeria (MAN), criticized President Bola Tinubu’s policies, stating that they have negatively affected the manufacturing industry in Nigeria.
Meshioye highlighted that various factors like fuel subsidy removal, Naira devaluation, recent electricity tariff hikes, and increased interest rates have made operating manufacturing businesses unfeasible in the country.
Speaking in an interview with Channels Television, he emphasized that Tinubu’s administration has not prioritized the growth of the manufacturing sector.
Meshioye pointed out that the significant rise in headline and food inflation rates, reaching 34.19 percent and 40.87 percent in June respectively, is largely due to spikes in food and energy prices.
He raised concerns about the high interest rate in Nigeria, currently at 26.25 percent as of May 2024, which is a major obstacle for businesses in the country.
Meshioye stated, “Policies implemented in the past year, such as fuel subsidy removal and Naira devaluation, have made the manufacturing sector unattractive.”
He urged the government to enact more favorable policies to support manufacturers and address the challenges they are facing.
It is worth noting that in June of the previous year, President Tinubu discontinued the fuel subsidy and allowed the Naira to float freely in the foreign exchange market.
