Manufacturing Sector Under Siege as MAN Warns of Plunge in Q2 2026 Growth

The Manufacturers Association of Nigeria (MAN) has issued a stern warning regarding the macroeconomic health of the nation, following the release of the National Bureau of Statistics (NBS) Q2 2026 Gross Domestic Product (GDP) report. According to the official data, the industrial sector experienced a pronounced drop in overall real growth, confirming long-standing fears among key stakeholders that domestic producers are suffocating under severe structural headwinds.

Industry leaders report that the real sector is grappling with an unbearable combination of persistent currency devaluation, severe forex illiquidity, and escalating energy tariffs. The continuous pressure on the local currency has exacerbated input costs for factories that remain heavily reliant on imported raw materials and specialized machinery, drastically dampening production margins.

Reacting to the latest statistics, corporate executives highlighted that capacity utilization across manufacturing hubs in Lagos, Ogun, Kano, and Aba has reached dangerously low thresholds. Unconfirmed accounts indicate several medium-scale industrial units have been forced to temporarily suspend operations or downsize workforce capacities to remain solvent in the current fiscal environment.