GDP Report: MAN Raises Concern Over Widening Disconnect Between Macroeconomic Figures, Real-sector Vitality
• Says we must raise a critical alarm about precipitous plunge in overall industrial growth Dike Onwuamaeze Manufacturers Association of Nigeria (MAN) raised concerns that while headline growth suggested economic
Dike Onwuamaeze, President of the Manufacturers Association of Nigeria (MAN), voiced alarm over the widening gap between macroeconomic figures and the actual vitality of the real sector. Despite an overall year-on-year real GDP growth rate of 4.43 percent in Q2 2026, the industrial sector, which constituted 17.23 percent of GDP, was visibly weakening.
MAN reported that industrial growth had nearly halved, from 7.46 percent in Q2 2025 to 3.96 percent in Q2 2026, while manufacturing's share of real GDP fell from 9.57 percent to 7.72 percent. This decline was primarily driven by a sharp contraction in the electricity, gas, steam, and air conditioning supply sector, which recorded a -10.63 percent drop in Q2 2026.
MAN attributed the industrial erosion to factors such as high electricity tariffs, prohibitive borrowing costs, and the lack of a strong export-oriented manufacturing base. The association emphasized that a reliance on non-tradable service activities and primary commodity exports would not strengthen foreign exchange reserves or reduce structural inflation.
MAN recommended several measures to halt industrial erosion, including approving eligible customer status for industrial clusters, establishing a matching-grant facility for manufacturers using solar PV and battery storage systems, and enacting targeted monetary and FX interventions to support commercial bank lending.
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