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The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to urgently implement a Nigeria First Policy aimed at increasing local patronage of indigenous goods and stimulating backward integration across key sectors of the economy.
MAN gave this recommendation in response to the 301st Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) which held on July 21 and 22, 2025 to review recent economic and financial developments and the outlook.
In a policy advisory released over the weekend, the Association emphasized that such a strategy would not only reduce the nation’s overreliance on imports but also help minimize pressure on foreign exchange by promoting the use of locally sourced raw materials.
According to MAN, local industries will thrive better if government agencies and citizens prioritize homegrown products and services.
MAN highlighted that the Nigeria First Policy, when properly implemented, would provide incentives for investments in local manufacturing, encourage backward integration, and expand job opportunities. The policy, the association insists, is a long-term measure capable of unlocking Nigeria’s industrial potential and bolstering national self-sufficiency.
The Association further noted that while the Central Bank of Nigeria (CBN) and the Monetary Policy Committee (MPC) have made commendable efforts to stabilize the nation’s economic environment, maintaining the current interest rate alone is inadequate to reposition the economy on the path of sustainable growth.
MAN argued that a reduction in interest rates is urgently needed to stimulate investments in the real sector, particularly in manufacturing and agriculture, sectors that are central to job creation and wealth distribution.
The group lamented that the high cost of borrowing remains a significant barrier to industrial expansion and competitiveness.
“A rate cut by the Central Bank will not only reduce inflation in the long run but also ease credit constraints faced by manufacturers. We believe that monetary policy should align with fiscal measures to provide comprehensive support to local production,” the group said.
The body equally stressed the importance of synergy between monetary and fiscal authorities in addressing structural challenges in the economy.
Furthermore, MAN urged the government to intensify the fight against insecurity, especially in farming communities as it believes that improving security conditions is vital to restoring productivity in the agricultural sector and reducing food-driven inflation.
According to MAN, a secure farming environment will not only ensure consistent food supply but also stabilize prices and reduce transportation bottlenecks. The organization pointed out that insecurity and logistical challenges have remained key contributors to the rising cost of food across the country.
The association reiterated the need for targeted government interventions to uplift the manufacturing sector through accessible financing, infrastructure support, and incentives for local sourcing. These measures, MAN believes, will help reduce Nigeria’s import dependence and build a more resilient economy.
