Governor Peter Mbah of Enugu State has called for an urgent overhaul of Nigeria’s financing structures for the manufacturing sector, warning that current commercial interest rates—estimated between 30 and 37 percent—are unsustainable and detrimental to industrial growth.
Mbah, who was represented by Deputy Governor Barr. Ifeanyi Ossai at the 37th Annual General Meeting, Awards and Gala Night of the Manufacturers Association of Nigeria (MAN) Southeast in Enugu, said the prevailing credit environment “suffocates production rather than stimulates it.”
He noted that although single-digit intervention loans are available through institutions such as the Bank of Industry, access remains limited due to bureaucratic hurdles. He proposed the creation of additional regional offices for development finance institutions to ease access to affordable credit for manufacturers.
Mbah also emphasised the importance of strengthening research institutions and aligning them more closely with industry needs, saying meaningful backward integration depends on robust research and development capabilities.
Senator Osita Izunaso, representing Imo West Senatorial District and serving as special guest of honour, echoed the governor’s concerns. He described Nigeria’s financing and foreign exchange conditions as major obstacles to industrial expansion.
Izunaso encouraged MAN to collaborate with state governments on seismic studies of the Anambra trough, noting that unlocking the region’s gas reserves would provide cheaper and more reliable energy for manufacturers.
He further disclosed that the National Assembly had passed a bill mandating manufacturers to use a minimum of 30 percent local raw materials—legislation he said would fast-track backward integration once signed into law by the President.
MAN Southeast Chairman, Lady Ada Chukwudozie, said the AGM was a defining moment for repositioning the region’s industries amid wide-ranging fiscal and regulatory reforms. She highlighted MAN’s partnership with PwC on tax sensitisation, which she said helped manufacturers navigate compliance challenges in 2025.
Chukwudozie also called for the elimination of multiple taxation, broader adoption of sustainable energy solutions, and investments in modern agriculture—including hydroponics, greenhouse farming and agro-processing—to strengthen raw-material supply and drive rural industrialization.
Delivering the keynote address, Prof. Nnanyelugo Ike-Muonso, Director General of the Raw Materials Research and Development Council, stressed that backward integration must become the cornerstone of Nigeria’s industrial strategy.
“We cannot build a first-world manufacturing sector on a third-world import-dependence structure,” he said, noting that import substitution remains critical to stabilising prices and protecting the naira.
The royal father of the day, His Eminence Eze Eberechukwu Oji, Eze-Aro of Arochukwu, urged MAN to lead efforts to revive more than 1,000 dormant industries across the Southeast, warning that every imported product “represents an exported job.”
The event, chaired by Chief Obinna Iyiegbu of the Cubana Group, attracted leading industrialists, policymakers, traditional rulers and business executives from across the country.
Awards of Excellence were presented to outstanding individuals and institutions for contributions to innovation, industrial growth and community development.
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