Held on Wednesday, 20 August 2025, at the Radisson Blu, Ikeja, Lagos, the AGM convened leading manufacturers, policymakers, and stakeholders across the country to discuss industrial competitiveness, policy reforms, and the role of technology in driving productivity.

This year’s edition emphasised innovation, efficiency, and sustainable practices as critical levers for strengthening Nigeria’s manufacturing sector and accelerating the nation’s economic growth.

Highlighting the importance of technology and commending SeamlessHR’s role in the sector, Femi Gbadegun, assistant director, Manufacturers Association of Nigeria and Executive Secretary, MAN Ikeja Branch, said, 

“Manufacturing remains the engine of growth for any economy, and no nation can achieve true development without industrial advancement. Technology plays a pivotal role in this journey and with companies like SeamlessHR, we see innovation being applied to workforce management, moving HR away from manual processes to technology-driven solutions. This is a step in the right direction for the growth of manufacturing and the broader economy.”

As a trusted technology partner to businesses across Africa, SeamlessHR showcased the critical role of digital transformation in boosting workforce productivity.

The company’s solutions, spanning human resource management, payroll, performance management, embedded finance, among others enable manufacturers to optimise their workforce and focus resources on core industrial activities.

Highlighting SeamlessHR’s commitment, Chidi Orji, director of Sales, remarked,

“We are proud to have built a technology product used across 20 countries and trusted by over 2,000 companies spanning multiple industries, including manufacturing. Beyond HR and payroll management, we have developed solutions tailored specifically for blue-collar workers, whose productivity is critical to business success, yet often overlooked. We are here because we want to partner with organisations, understand their unique workforce challenges and provide innovative tools that help them manage, support, and empower their people more effectively.”

This collaboration with MAN reflects SeamlessHR’s broader vision of strengthening industries that form the backbone of the Nigerian economy. With manufacturing playing a pivotal role in employment and national output, the company emphasised that digitisation and workforce optimisation are now essential for long-term competitiveness.

Beyond Nigeria, SeamlessHR has also partnered with the Kenya Association of Manufacturers (KAM), underscoring its ambition to support the manufacturing sector across Africa.

By collaborating with leading associations such as MAN and KAM, SeamlessHR reinforces its role as a strategic ally to the continent’s industrial sector, helping businesses drive modernisation, efficiency, and sustainable growth.

MAN highlighted that the decision lacks sufficient data, stakeholder consultation, and could result in economic disruption, job losses, and further hardship, particularly for low-income traders and microbusinesses.

In a recent statement signed by Segun Ajayi-Kadir, the director general, Manufacturers Association of Nigeria held that the decision does not recognise the current socio-economic situation and does not provide a beneficial solution, stating that the Ministry of Environment has yet to publish any study to back the reasons for the decision.

“The decision is predicated on the unsubstantiated claim that plastics, and especially some single-use plastics (SUPs) are associated with adverse health and environmental impact and therefore need to be banned. The Ministry is yet to publish any study to substantiate this claim,” the statement reads.

The association highlighted that the adverse environmental and social impacts are a result of failure in plastic waste management, and not plastic products themselves.

Emphasizing that the state government needs to support improved plastic recycling with infrastructure, leasing of lands as dumpsites for sorting at scale to enable adequate recycling.

Citing a recent study by the association, hundred percent of the manufacturers consulted expressed concern over the ban, as it will lead to job loss if implemented.

Also, 93 percent of dealers lack clarity on the policy due to inadequate information. While highlighting loss of revenue and compromise to product integrity as some of the implications of the ban.

MAN advised that a systems-oriented approach should be adopted, which will include inclusive stakeholder engagement, evidence-based policymaking, and support for local alternatives, which balance environmental goals with Nigeria’s socio-economic realities.

*Motunrayo Koyejo is a software engineer specialising in fintech solutions for emerging markets. With a passion for leveraging technology to drive financial inclusion, she contributes insights to Africa’s digital transformation. She currently works as a senior software engineer at Cowrywise

The manufacturers declared the exercise unfruitful, even as Nigeria requires 30,000MW of electricity to appreciably meet the growing electricity demand.

MAN said beneficiaries of the privatisation lacked the technical and financial capacity to operate and deliver power optimally.

MAN made the declaration yesterday in a public statement that decried the incessant increase in electricity tariff, which it said had hindered the performance of the manufacturing sector and growth of the economy.

The statement signed by Mr. Segun Ajayi-Kadir, the director-general of MAN, urged the government to commission a review of the performance of power Distribution Companies (DisCos) after the last unwarranted increase.

It also asked government to conduct a study on the impact of the increase on the manufacturing sector, in particular, and businesses and households, in general

Ajayi-Kadir urged the government to sincerely and critically interrogate the so-called cost reflective tariff template of the DisCos, and audit their level of commitment to investment in distribution infrastructure.

He emphasised that electricity was a critical input in manufacturing processes, with significant effect on production cost and prices of products.

The statement said,

“It was based on the critical importance of energy security in achieving the industrial aspiration of Nigeria, that the power sector was privatised in 2013 to improve the scale of energy supply to the nation, particularly the industries.

“Unfortunately, this particular privatisation has not yielded the desired results. It is widely believed that this is because the operators in the value chain lack the technical and financial capacity to operate and deliver optimally.”

Ajayi-Kadir pointed out that the Nigerian power sector’s installed capacity, put around 10,000 megawatt (MW), had not been fully utilised due to the limited capacity of the power generating companies (GenCos) and DisCos to generate and distribute adequate electricity nationwide.

He said,

“Despite the inability to meet the consumer demand, we have witnessed consistent increase in tariff without a commensurate and good quality supply.

“According to the National Bureau of Statistics (NBS), the electricity supply stood at 5,909.83 (Gwh) in Q2 2023 but reduced to 5,769.52 (Gwh) in Q1 2024 and 5,612.52 (Gwh) in Q2 2024, when the tariff increase of over 230 per cent was implemented.

“Thus, indicating 5.03 per cent decrease year-on-year and 2.72 per cent quarter-on-quarter.”

According to him, MAN has severally advocated increase in electricity supply from the abysmal average of 4,000MW of electricity per day for over 200 million people.

He said Nigeria needed more than 30,000MW of electricity to appreciably meet the growing electricity demand by businesses and households in the country.

Ajayi-Kadir also advised the government against yielding to any proposed increase in electricity tariff because it would be “inimical to the competitiveness of Nigerian products and businesses”.

He said such increase would also further exacerbate the effect of high cost of production, worsen the current inflationary pressure, aggravate the pressure on the disposable income of the average Nigerian, increase the unsold inventory of manufacturers, erode their profit margin, increase unemployment rate, and lead to closure of more private businesses.

The MAN director-general stated, “The persistent increase in tariff means that consumers will continue to bear the brunt of the inefficiency in the electricity value chain.  “As it stands, manufacturers are disadvantaged as the increase cannot be transferred to consumers who are currently battling with low purchasing power.

“However, I am not certain that the federal government has reached the conclusion that electricity tariff would be increased. I hope not.”

According to MAN, it goes without saying that incessant increase in electricity tariff in Nigeria is hindering the performance of the manufacturing sector and growth of the economy.

It said, “No nation can attain significant industrial development without energy security, which is timely access to sustainable and cost-effective energy.”

MAN added that “sustainable and low-cost energy supply provides incentives for scale production and competitiveness of the industrial sector”.

Mr. Segun Ajayi-Kadir, director-general,(MAN), in a signed statement, noted that the 1,475 basis points increase in interest rates from 11.5% in May 2022 to 26.25% in May 2024 has been ineffective in taming inflation which soared to a 28-year high of 34.19% in June 2024.

He explained that this recent increase in interest rates will further increase production costs, reduce consumer purchasing power as well as reduce competitiveness and sales.

It stated, “MAN notes with concern that, despite the continuous increase in MPR over the past two years resulting in a weighty 1,475 basis point hike from 11.5% in May 2022 to 26.25% in May 2024, inflation has remained persistently high, reaching a staggering 34.19% in June, the highest since March 1996.

“Clearly, the new rate will further constrain the growth of the manufacturing sector, as the purchasing power of consumers, production levels, competitiveness and sales will face further decline.”  

“Therefore, the continued increase in the cost of borrowing, which is one of our major challenges, will:” 

“Escalate production costs and consequently the prices of finished goods, with consequential effects on unemployment and social instability. It will further compound the prevailing low consumer demand, capacity utilisation and profitability.” 

Furthermore, MAN noted that the hike will reduce the competitive advantage of Nigerian manufacturers in global and regional markets, further restrain access to capital, stifle new investment and expansion etc.

MAN, also called for better collaboration between the apex bank and the Ministry of Finance, requested the CBN to assess the impact of the previous hike on inflation, and asked the federal government to insulate the private sector from these hikes by quickly disbursing the promised N75 billion single digit loan and the N1 trillion as promised by President Tinubu.

The CBN this week increased the benchmark interest rate by 50 basis points to 26.75%- the fourth consecutive MPR hike in 2024 and resulting in an 800 basis points hike since February this year. Despite this, inflation has soared to 34.19% as of June 2024.

Since May 2022, the Central Bank’s Monetary Policy Committee has increased interest rate by a combined 1,525 basis points pushing benchmark MPR from 11.5% to 26.75% in July 2024. During this period, inflation has almost doubled from 17.71% in May 2022 to 34.19% in June 2024- marking an increase of 16.48%-points during the period.

The operators said that over 65 per cent of private businesses, especially manufacturing sector and SMEs, may be forced to close down due to the high electricity tariff.

The Association called for the suspension of new tariff implementation to enable all stakeholders have meaningful dialogue around the process and method-ology of determining electricity tariff as well as jointly agreeing on the transparent mechanism re-quired for tariff setting.

It said Nigeria now ranks third after Germany and the United Kingdom on the list of countries with high electricity costs.

The Association, comprising top Business Membership Organisations (BMOs) Manufactures Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small-Scale Industrialists (NASSI) and Nigerian Association of Small and Medium Enterprises (NASME) representing more than five million businesses in Nigeria stated this in a joint release.

It said that “the OPSN has received numerous complaints from its member-companies on the implications of the recent astronomical increase in electricity tariff by the Nigerian Electricity Regulatory Commission (NERC) for Band A customers without the required and proper consultations with the private sector.

“This sudden exponential in-crease in the face of inadequate electricity supply, is inimical to the competitiveness of Nigerian products and businesses and will definitely exacerbate the impact of high cost of production. Meanwhile, the astronomical increase is against the MYTO Order referenced NERC/2023/05, which valued the cost-reflective tariff at N114.8/Kwh (determined using exchange rate of N919.39/$1).

It also does not reflect the current exchange rate reality that has seen the naira appreciated by 62.95 percent over the dollar in the last one month.”

It explained:

“A closer look at the impact of increase in elec-tricity tariff to N225/kwh (determined using exchange rate of N1463.31/$1) on the cost profile of a medium sized company using 700 kw revealed that the firm will need to pay about N1.4 billion per annum for electricity. In China, a similar medium sized company will pay a little over N24 million.”

It added that:

“What is most worrisome with the Nigerian case is the fact that the electricity to be supplied is not adequate. Also, the increase is coming on the heels of macroeconomic instability, infrastructure deficits, as well as other supply side constraints limiting the performance of the productive sector.”

Just five days ago, the Central Bank of Nigeria (CBN), announced that it has successfully cleared all valid foreign exchange backlogs, effectively eliminating a legacy burden.

This accomplishment fulfills a commitment made by Mr. Olayemi Cardoso, who vowed to address an inherited backlog of $7bn in claims.

The announcement was made by the bank’s Acting Director of Corporate Communications, Mrs Sidi Ali, in a statement made available to journalists at the CBN monthly report.

However, in a twist of event, the duo of the Foreign Airline Operator, and the Organized Private Sector of Nigeria challenged the federal government to provide evidence of payment for the said foreign exchange clearance.

The Foreign operators in Nigeria have challenged the announcement by the Central Bank of Nigeria that it has cleared all valid foreign exchange backlogs.

According to Kingsley Nwokeoma, the president of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), the operators challenged the federal government to provide evidence of payment.

In his words; “If they’ve paid, they should let us know how much has been paid. Where is the evidence of payment? They should show us evidence of payments and we will thank them because payment is what we want. The backlog of trapped funds made foreign airlines stop releasing low inventory tickets,” Nwokeoma said in a chat with one of the Nigeria Newspaper.

Nwokeoma added that although foreign airlines have been told to get their funds from the banks using the rate of the I & E window, they refused because the current I & E window rate differed from what they used in selling tickets.

Meanwhile, some businesses under the aegis of the Organised Private Sector of Nigeria are also considering taking legal action against some commercial banks for not honoring forex requests that have lingered over an extended period.

The OPSN also called for a comprehensive audit of the Central Bank of Nigeria’s forex backlog payments. This follows a recent claim by the apex bank that all valid forex backlogs have been cleared.

Accordingly, members of the OPS insisted that the claim by the apex bank that it had settled all forex backlogs was not entirely true. Some of the member associations, speaking in separate interviews, faulted the process through which the CBN conducted the settlement of the backlogs. They argued that the process was not transparent, nor was it carried out in the interest of full disclosure.

The threat of litigation comes despite a recent stakeholder meeting comprising NACCIMA, MAN, the affected banks, and customers which was convened by the Minister of Industry Trade and Investment at the Bank of Industry in Lagos on March 21, 202

Recall that the Central Bank of Nigeria derived its mandate from the 1958 Act of Parliament, as amended in 1991, 1993,1997,1998,1999 and 2007.

Its mandate also includes but is not limited to ensuring monetary and price stability, issuing legal tender currency in Nigeria, and maintaining external reserves to safeguard the international value of the legal tender currency.

Others are; promoting a sound financial system in Nigeria; acting as a Banker and providing economic and financial advice to the Federal Government among others.

The apex bank in recent times has made some bold moves that tumbled across both the official and unofficial markets amidst an increased forex demand and a significant spike in the prices of goods and services across the country.

A close and keen observation revealed that the local frequency traded at N1500, and N1,665.50/$1 respectively.

Similarly, amidst speculations and uncertainties about supply constraints in the forex markets, the naira extended its depreciation run at the parallel creating apprehension across the different sectors of the economy. At the segment, the currency traded at a record low of N1,700 and above the mark amid increased demand and market uncertainties.

However, this disturbing trend prompted the Nigerian government to undertake some major measures and reforms in an effort to safeguard the country’s foreign exchange market and combat speculative activities.

The multidimensional steps and subsequent moves of the Central Bank began to show appreciable results, just last week Thursday, the naira maintained a steady appreciation against the United States dollar on Thursday, gaining N18 to close at 1,382/$ at the official market.

This was as the presidency warned currency speculators to desist from unpatriotic acts against the national currency, saying racketeers would have their fingers burnt.

The naira gain came a day after the local currency recorded major gains at both the official and parallel foreign exchange markets. It closed at the black market at N1,400/dollar.

The summary of the FX trading auction revealed that the naira appreciated by 1.3 percent following increased dollar supply at the Nigerian Autonomous Foreign Exchange Market, according to data from the FMDQ Securities Exchange Limited.

However, when our correspondent reached out to Sidi-Ali Hakama, the acting director, corporate communications,   of the Central Bank of Nigeria (CBN) for clarification, she did not pick her calls.

The project, which aims to supply 1.2 million smart energy meters with funding from the World Bank, has raised concerns among local manufacturers.

TechEconomy understands that between January 2019 and January 31, 2021, local manufacturers successfully deployed and installed a total of 611,231 energy meters across the country.

MAN issued a statement expressing its worry that the financial requirements and technical specifications outlined by the Transmission Company of Nigeria (TCN) appear to heavily favor foreign manufacturers.

These requirements are deemed excessively stringent and contradict the guidelines set by the Central Bank of Nigeria for the NMMP implementation.

Manufacturers highlight that they have made significant investments in expanding their manufacturing capacities in line with the Federal Government’s backward integration policy and the introduction of the NMMP.

They have also extensively trained and promoted a highly skilled workforce to meet the power sector’s demands as envisioned in the Nigeria Electricity Supply Industry.

The statement emphasizes the potential repercussions of excluding local manufacturers, citing a previous instance in 2012 when they were sidelined in meter supply, resulting in the delivery of substandard meters by foreign companies that were initially awarded the contract but were later removed from the network.

MAN warns that a similar scenario may be unfolding, which poses significant risks to the power sector.

While the TCN argues that the installation of meters will create employment opportunities for Nigerians, MAN contends that the scale of job creation will pale in comparison to what could be achieved by including local manufacturers in the scheme.

MAN estimates that the inclusion of local manufacturers would lead to a job creation ratio of 1 to 10, far surpassing the potential employment opportunities from the installation alone.

Furthermore, MAN asserts that the apparent intentional denial of opportunities for local manufacturers fails to recognize their commendable performance thus far.

IMAN calls for a reconsideration of the current approach to the NMMP Phase II project. They advocate for the inclusion of local manufacturers, emphasizing the potential benefits for the power sector, the national economy, and employment generation in Nigeria.

The Minister of State made this statement at the SON 50th Anniversary celebration in Abuja.

She noted that 50 years was a long time in the life of an organization in Nigeria especially given the fact that the country’s existence as an independent country was only 12 years longer.

“SON must therefore be one of the oldest government institutions in Nigeria. This anniversary is undoubtedly a milestone worth celebrating. In addition, the steady growth of the Organisation from its humble beginnings to becoming the Apex Standards Body in Nigeria, with constitutional responsibilities, is also remarkable and worth celebrating”, she said.

While congratulating the organization, Ambassador Katagum said “in acknowledgment of its consistent implementation of reforms aimed at making its services more easily accessible to the public, SON has been ranked first in the Ease of Doing Business by the Presidential Enabling Business Environment Council (PEBEC).

She went on to note that,” the organization also recently received an Award from the National Information and Technology Development Agency (NITDA) for Ease of Doing Business in the Information Technology Sector. These two recognitions are no doubt fitting anniversary gifts which will of course challenge the organization to keep up its good work, she said.

The Director General of SON, Mallam Farouk Salim explained that SON is working with the National Assembly to ensure the review of the agency’s Act and appealed for speedy facilitation of the process.

While acknowledging the achievements and strides of SON in the last 50 years, Mallam Farouk Salim said his vision for the Organization in the next 50 years is to be the foremost standardization body in Africa and among the top-ranking globally.

The SON helmsman explained that while this vision is achievable, the Organisation would need to surmount several challenges to achieve it.

In a goodwill message, the Minister of State for Works and Housing, Alhaji Umar El-Yakub said SON has changed the story of “Made in Nigeria” goods.

Representatives of the Nigeria Customs Service, National Agency for Food and Drugs Administration and Control (NAFDAC), and the Manufacturers Association of Nigeria (MAN) commended SON on efforts to ensure the eradication of substandard products.

The highlight of the event was the Launch of the SON Compendium and the Presentation of Awards to deserving members of staff and SON State Offices.

The Head, SMEs Desk, Engr. Pheabean O. S. Arumemi won the “Director General’s Award for Special Contribution”, while Mrs. Amina Haliru, Assistant Chief Standards Officer/ Head, Halal Desk won the award for “ Outstanding Staff”.

The award for “Most Efficient State” was won by SON Rivers State office and was received by the Acting Director, South-South Directorate, Engr, Samuel Ayuba.

SON’s Ogun State office 1, won double awards for Improved Percentage for Service Income and Most Effective State Office, the South – West Regional Director, Mrs. Yeside Akinlabi, and the State Coordinator, Ogun State Office, Mr.Jerome Otene Umoru were on hand to receive the award.

SON’s Ogun State office received the award for the” State with the Highest Number of New Products Identified for MANCAP” the award received by the State Coordinator, Engr. Danmola Abayomi, supported by his Regional Director.

The event ended with an exhibition to showcase the products of Companies that have consistently maintained quality.

The 50th Anniversary Celebration continues with Regional Exhibitions of Made – in – Nigeria products in Lagos, Kaduna, Port Harcourt, and Kano. There will also be a special program for the recognition of deserving Companies in Lagos on the 6th of December 2022.

Mallam Farouk Salim, Director General of SON, disclosed this on Wednesday in Abuja at a media briefing to mark the 50th-anniversary celebration of SON.

Salim explained that the provisions of the proposed law would not only stipulate that the importers and manufacturers of sub-standard products be fined but also jailed on conviction by the court.

He said SON is poised to fight against counterfeit and sub-standard products across the country, adding that “any time Nigerians buy sub-standard products, they are aiding and abetting the closure of Nigerian industries and helping the youths to be unemployed.”

Commenting further on the effects of sub-standard products on the economy, Salim said the importers of counterfeit products contribute to the present insecurity in the country, as their activities have led to the collapse of industries in Nigeria.

It would be recalled that the Act establishing the Standards Organisation of Nigeria was last amended in 2015.

He said, Before 2015, the penalties were not very clear in the Act. So, the amendment has empowered us for conformity assessment.

“The reason we always amend the Act is that the world is evolving and industries are are always changing

He said SON is poised to fight against counterfeit and sub-standard products across the country, adding that “any time Nigerians buy sub-standard products, they are aiding and abetting the closure of Nigerian industries and helping the youths to be unemployed.”

Commenting further on the effects of sub-standard products on the economy, Salim said the importers of counterfeit products contribute to the present insecurity in the country,as their activities have led to the collapse of industries in Nigeria.

The people following the rules are also changing. Hopefully, before the tenure of this administration, we will have another amendment that will be presented to the National Assembly.

“For example, in 2015, the penalty for importing sub-standard products was N1 million and N1 million now, is not significant.

“Most of these people importing these products are not poor, they are rich.

“In the industry where people break the rules, it is the consequences that stop them.

“So, we need to amend the Act to increase the jail term or give them the right to fine and make sure that jail term is added to it.”

On the activities of SON over the last 50 years of its existence, Salim said the organisation has gone through a lot of transformation and evolved to become a standards regulatory body of global recognition.

According to him, “It is important to emphasise that SON today has evolved into one of the world’s most reputable standards regulatory bodies due to good leadership demonstrated by the successive Chief Executives.

“This is seen in the various innovations, championed by the past and present leaders of the organization.

“Some of the notable innovations over time in the Organisation are the Mandatory Conformity Assessment Programme (MANCAP) for local manufacturing and Standards Organisation of Nigeria Conformity Assessment Programme (SONCAP) for offshore assessment of cargoes.

Speaking further on the milestones recorded by SON, he said: “To further demonstrate its desire for a more effective standardisation process, the Federal Government introduced the first ever Nigerian National Standardisation Strategy (NNSS) 2020 – 2022 as part of its economic diversification policy.

The strategy, which was developed by the Standards Organisation of Nigeria (SON), is designed to identify priority areas to focus on, based on national needs assessment.

The SON Governing Council recently approved 168 new Standards for publication and dissemination to various sectors of the nation’s economy in furtherance of the ongoing economic diversification policy.

Currently, SON is structured to lead every process that surrounds the preparation of standards relating to products, measurements, materials, and processes among others, and their promotion at the national, regional, and international levels.

“Working within the provisions of the Enabling Act, SON under my leadership, SON has been able to, through the Standards Council, designate, establish, and approve standards in respect of metrology, materials, commodities, structures, and processes for the certification of products in commerce and industry throughout Nigeria.

“SON is a member of international constellations of standards regulators such as the International Organization for Standardization (ISO).

“Upon assumption of duty in September 2020, we have set some goals to make the Organisation to effectively deliver its mandate.

“So far, we have been able to facilitate the return of SON to the Ports and ensure the election of Nigeria into the standards management committee of the African Organisation for Standardisation (ARSO), among others.”

It would be recalled that SON was established in 1970 with the creation of the Nigeria Standards Organisation (NSO) as a Department under the Federal Ministry of Industry, Trade and Investment.
It was later established as an Organisation in 1971 by Decree No 56 of 1971.

It was charged with the responsibility of establishing and elaborating standards for products and processes. In addition to this role, it was created to ensure compliance with the Federal Government policies on standards and quality control of both locally manufactured