The Manufacturers Association of Nigeria (MAN) is urging the federal government to introduce a new financial support system to help factories survive and grow in 2026.
In a new outlook report released Friday, MAN Director General Segun Ajayi-Kadir called for the creation of the Manufacturing Refinancing and Rediscounting Facility (MRRF).
The proposed plan would allow commercial banks to provide loans to manufacturers at single-digit interest rates—meaning less than 10 percent—with repayment periods of up to seven years.
Currently, many manufacturers struggle with high borrowing costs and double-digit interest rates that make it difficult to stay in business. Ajayi-Kadir stated that making credit affordable is essential for a "robust" manufacturing sector this year.
Beyond cheaper loans, the association is asking the government to release a previously discussed ₦1 trillion stabilisation fund.
This money would act as a buffer for companies facing rising costs of raw materials and energy.
MAN also recommended that the government treat manufacturers as "strategic gas users."
This change would lower the price factories pay for gas, putting them on the same level as electricity companies.
The association believes these steps, combined with a stronger Naira and lower inflation, could turn the economy around.
However, Ajayi-Kadir warned that these gains will only happen if the government follows through on its policy promises and provides direct support to local industries.
