BY NGOZI ONYEAKUSI

The Manufacturers Association of Nigeria (MAN), Ogun State chapter has urged manufacturers across the country to explore alternative sources of funding to sustain their operations, in light of Nigeria’s current economic challenges.

The association made the call at the 40th Annual General Meeting (AGM) of the Ogun MAN branch held last week in Abeokuta, with the themed “Financing Manufacturing Concerns: Exploring Alternatives.” The AGM brought together industry stakeholders, financial experts, and government representatives to discuss practical financing solutions for the struggling manufacturing sector. Chairman of the Ogun MAN branch, Mr. George Onafowokan, in his welcome address, lamented the rising cost of accessing finance from commercial banks, citing the high Monetary Policy Rate (MPR), which stood at 27.5 per cent as of May 2025. Onafowokan, while stating that this makes loan repayment burdensome and erodes profit margins, however, said: “To ease this burden, we are exploring other avenues where manufacturers can access affordable funds for operations and expansion.”