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By Yinka Kolawole
The Manufacturers Association of Nigeria (MAN) has raised concerns over the sharp decline in bank credit to the manufacturing sector, warning that the development could undermine industrial growth, worsen unemployment and jeopardise the implementation of the Nigeria Industrial Policy (NIP) 2025.
In a statement issued yesterday, MAN Director-General, Segun Ajayi-Kadir, noted that the sector suffered a 22.5 per cent contraction in credit, equivalent to about N1.92 trillion, describing the trend as a major setback to Nigeria’s industrialisation aspirations.
Ajayi-Kadir stressed that sustainable industrial development requires access to affordable financing, warning that shrinking credit availability could further constrain capacity utilisation, delay technological upgrades and weaken job creation across the sector.
“The Nigerian manufacturing sector cannot thrive without sustainable and growing financial foundations. Reduced access to credit limits expansion, innovation and competitiveness,” he said.
MAN identified the high cost of borrowing as the biggest obstacle preventing manufacturers from accessing
