The Manufacturers Association of Nigeria (MAN) reported that the cost of imported raw materials skyrocketed by 118% to N6.64 trillion in 2024, attributed to the depreciation of the exchange rate.
This was revealed by MAN’s Director General Segun Ajayi-Kadir during his keynote speech at the BusinessDay Manufacturing Conference in Lagos.
Ajayi-Kadir emphasized that factors such as an unstable exchange rate, insufficient power supply/high energy costs, rampant inflation, insecurity, a large number of regulatory bodies, elevated regulation expenses, and high interest rates are hindering Nigeria’s manufacturing sector.
He stated, “Reliable data has shown that in the previous year, the exchange rate fell by 53% and the cost of imported raw materials rose to N6.64 trillion, marking an increase of 118%.
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