High costs, FX pressure cripple industry despite GDP growth — MAN

Nigeria’s 4.43 per cent economic growth in Q2 2026 masks deepening weaknesses in the industrial sector, the Manufacturers Association of Nigeria (MAN) has warned.

Reacting to the National Bureau of Statistics (NBS) report, MAN Director-General Segun Ajayi-Kadir said services accounted for 56.62 per cent of GDP, while industry contributed 17.23 per cent.

He said industrial growth nearly halved to 3.96 per cent from 7.46 per cent a year earlier, largely due to a 10.63 per cent contraction in electricity, gas and related supply.

According to Vanguard, manufacturing’s GDP share also fell to 7.72 per cent, amid high production costs, exchange-rate pressures, interest rates and electricity tariffs.