Governor Peter Mbah of Enugu State has called for an urgent review of Nigeria’s financing frameworks for the manufacturing sector, warning that current commercial interest rates of 30 to 37 percent are “completely incompatible with industrial growth and competitiveness.” Mbah, who was represented by Deputy Governor Barr. Ifeanyi Ossai at the 37th Annual General Meeting, Awards and Gala Night of the Manufacturers Association of Nigeria Southeast in Enugu, stated that manufacturers cannot survive under a credit system designed to “suffocate production rather than stimulate it.”
He explained that although single-digit intervention loans are available through development finance institutions like the Bank of Industry, many operators still struggle to access them. Mbah proposed the creation of additional regional offices for development banks to remove bottlenecks and bring affordable financing closer to manufacturers.
The governor also stressed the importance of strengthening research institutions and linking them directly to industry, noting that effective backward integration depends on strong research and development structures that can support local production.
Special guest of honour and senator representing Imo West Senatorial District, Osita Izunaso, supported Mbah’s concerns, describing Nigeria’s financing and forex systems as major obstacles facing manufacturers. He encouraged MAN to collaborate with state governments to conduct seismic studies on the Anambra trough, explaining that unlocking the region’s gas reserves would give industries access to reliable and cheaper energy.
Izunaso revealed that the National Assembly has passed a bill mandating manufacturers to use at least 30 percent local raw materials. He described the legislation as a major step toward deeper backward integration, saying it will take effect once it receives Presidential assent. “This is the direction the world is moving, and Nigeria cannot afford to lag behind,” he said.
MAN Southeast Chairman, Lady Ada Chukwudozie, said the AGM marked a decisive moment for repositioning regional industries during ongoing fiscal reforms. She highlighted MAN’s partnership with PwC on tax sensitization, which helped manufacturers reduce compliance risks in 2025. Chukwudozie also called for ending multiple taxation, expanding sustainable energy use, and investing in modern agriculture such as hydroponics, greenhouse farming and agro-processing to secure raw materials and boost rural industrial development.
Delivering the keynote, Prof. Nnanyelugo Ike-Muonso, Director General of the Raw Materials Research and Development Council, insisted that backward integration must become the default strategy for the country. “We cannot build a first-world manufacturing sector on a third-world import-dependence structure,” he warned, adding that import substitution is key to stabilizing prices and protecting the naira.
The royal father of the day, His Eminence Eze Eberechukwu Oji, Eze-Aro of Arochukwu, urged MAN to champion a regional plan to revive over 1,000 dormant industries in the Southeast. He reminded participants that every imported product represents an exported job.
The AGM, chaired by Chief Obinna Iyiegbu of Cubana Group, drew industrialists, policymakers, traditional rulers and business leaders from across Nigeria, with Awards of Excellence presented to distinguished manufacturers and institutions for their contributions to innovation, industrial growth and community development.
