CICAN Chair sounds alarm on Nigeria’s industrial decline, calls for bold reforms at 2025 economic forum

…MAN reaffirms CICAN as strategic partner

Nigeria must act swiftly to revive its struggling manufacturing sector if it hopes to secure long-term economic stability—this was the central message delivered by Mr. Charles Okonji, National Chairman of the Commerce and Industry Correspondents Association of Nigeria (CICAN), at the Association’s 2025 End-of-Year Engagement Forum held yesterday at the Manufacturers Association of Nigeria (MAN) House, Ikeja.

Welcoming journalists, industrial leaders, and policymakers to the annual gathering, Mr. Okonji described Nigeria as standing “at a critical economic crossroads.” While the country recorded a 3.98 percent year-on-year growth in the third quarter of 2025—driven largely by services and agriculture—he warned that the numbers mask serious structural challenges threatening Nigeria’s industrial future.

Though manufacturing contributed 9.62 percent to GDP in Q1 2025, the CICAN Chairman noted that the sector’s overall performance remains “modest and fragile.” Between 2020 and 2024, manufacturing’s share of GDP has steadily declined, a trend he said signals “a deepening structural imbalance” that endangers Nigeria’s aspirations for industrialisation and sustainable economic growth.

Mr. Okonji outlined a long list of challenges plaguing the sector: unreliable power supply, inadequate infrastructure, poor logistics networks, unstable foreign exchange conditions, and increasingly expensive credit. The sharp reduction in credit available to manufacturers, coupled with rising interest rates, he said, has “dramatically weakened the capacity of manufacturers to invest, expand, or even sustain operations.”

These constraints have sparked ripple effects across the economy—dwindling output, reduced job creation, and an overreliance on services rather than production. “This is not the Nigeria we envisioned,” he said, recalling national commitments to industrial growth, export expansion, and economic diversification.

The 2025 Engagement Forum, he stressed, underscores CICAN’s belief that manufacturing remains central to Nigeria’s economic transformation—but only if government and the private sector act decisively.

Mr. Okonji called for robust infrastructure investment—including access roads, efficient transport systems, modern storage facilities, and reliable, affordable energy. These, he argued, are “not luxuries but essential prerequisites for industrial competitiveness.”

He also urged the government to adopt consistent, pro-manufacturing policies, ranging from strict enforcement of local-content rules to incentives that support local sourcing and protect indigenous manufacturers from undue disadvantages.

On fiscal and monetary matters, he emphasised the need to moderate borrowing costs and provide manufacturers with access to affordable, sector-specific financing to restore confidence and stimulate investment.

Beyond policies, the CICAN Chairman said Nigeria must undergo a mindset shift, recognising that reviving the industrial sector is fundamental to job creation, wealth generation, economic resilience, and the delivery of democratic dividends.

Turning to the role of the press, Mr. Okonji challenged commerce and industry correspondents to use their platforms to advocate for reforms, highlight opportunities, expose gaps, and hold policymakers accountable.

He concluded with optimism, expressing hope that the ideas and discussions arising from the forum would “set the tone for a stronger, more resilient Nigerian economy in 2026 and beyond.”

The event drew strong participation from industry experts, policymakers, and stakeholders committed to steering Nigeria toward a more productive and competitive industrial landscape.

MAN reaffirms CICAN as strategic partner

The event also featured remarks from Mr. Salami Musa, representing the Corporate Services Division of the Manufacturers Association of Nigeria (MAN).

Speaking on behalf of his Divisional Head, Dr. Segun Alabi, as well as the Director General and President of MAN, Musa reaffirmed CICAN’s role as a “vital stakeholder and strategic partner” in the association’s advocacy mission.

He noted that MAN’s work would lack the necessary visibility without the quality reportage and media support provided by CICAN.

“Without the representation you provide, our efforts would be akin to winking in the dark,” Musa said, emphasizing how critical the association’s platforms are in amplifying manufacturing sector issues.

He expressed MAN’s gratitude for CICAN’s consistent support and underscored the association’s optimism for deeper collaboration in 2026.

Musa also reminded correspondents that entries for the MAN of the Year Personality Award remain open, calling on journalists to submit nominations before the December 15 deadline. The award, he noted, is designed to recognise and celebrate excellence in industrial reporting.

As discussions progressed, participants echoed a shared resolve: that Nigeria’s industrial revival is possible—but only with bold policy reforms, sustained stakeholder engagement, and strengthened partnerships between the media and the manufacturing community.

With 2026 approaching, the Forum set an assertive tone for stronger collaboration, sharper advocacy, and renewed commitment to restoring Nigeria’s industrial strength.