{"id":177093,"date":"2025-09-01T18:33:44","date_gmt":"2025-09-01T17:33:44","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/tinubus-economic-policies-tough-but-necessary-man"},"modified":"2025-09-01T19:31:10","modified_gmt":"2025-09-01T18:31:10","slug":"tinubus-economic-policies-tough-but-necessary-man","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubus-economic-policies-tough-but-necessary-man","title":{"rendered":"Tinubu\u2019s economic policies tough but necessary \u2013 MAN \u200b"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>Manufacturers Association of Nigeria, MAN, has stated that even though the current economic policies of President Bola Tinubu\u2019s administration have brought tough times to Nigerians and their businesses, yet they are necessary and welcomed.<\/p>\n<p>Chairman of MAN in Cross River and Akwa Ibom States, Dr. Adoga Inalegwu, stated this in Calabar over the weekend after a familiarization visit to member companies in Calabar.<\/p>\n<p>\u201cI think President Bola Tinubu\u2019s policies are necessary and tough decisions that Nigeria needs presently. This is because if we keep deceiving ourselves that everything is the way it should be, if we keep palliating ourselves, we will never solve our problems.\u201d<\/p>\n<p>\u201cSo he has made very bold moves. Okay, look at, people complain about the tax reform. Tax reform has its pros and cons.<\/p>\n<p>\u201cOne of the fundamental advantages it posits for manufacturers is shrinking, reducing the basket of multiple tax issues that we are faced with. So that for me is important. And also the fact that he has tried to improve the disposable income of the population.\u201d<\/p>\n<p>The MAN boss, however, stated that they are not satisfied with the high exchange rate of a little over N1,500 to one dollar in recent times but are nevertheless happy that it has been stable for some time.<\/p>\n<p>\u201cWe are not satisfied with the exchange rate, but we are happy with the stability. We are also happy that it is not just stable, the dollar is also available.<\/p>\n<p>\u201cWe no longer struggle to source for Forex. In 2023, I am the one that knows how much I suffered in sourcing for Forex. I suffered big time.\u201d<\/p>\n<p>In spite of the stability, he said MAN members still import materials from abroad as inputs into their manufacturing process at double the former costs due to high Forex issues. \u201cThe good news is that Forex has had some bit of stability.\u201d<\/p>\n<p>According to him, the economic policies may not be perfect, but things are looking up even though it is not all a completely perfect story.<\/p>\n<p>He stated that their member companies have learnt to adapt to the difficult times.<\/p>\n<p>\u201cThis doesn\u2019t mean that there are no member companies that are not bearing the brunt of the times.<\/p>\n<p>\u201cWhen times are difficult, you have to evolve strategies to survive. And not just to survive, but also to thrive.<\/p>\n<p>\u201cNigerian manufacturers can still be resilient, can still be ambitious, can still be forward-thinking, even when things are not very rosy.\u201d<\/p>\n<p>Inalegwu expressed unhappiness in the increase in Value Added Tax, VAT, by 2.5 percent, saying that it is really significant, impacting against many firms.<\/p>\n<p>\u201cThe magnitude of the increase to many firms that spend billions is significant enough. One way or the other, it will impact on revenues. I\u2019m not happy with that.\u201d<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Nigeria<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Manufacturers Association of Nigeria, MAN, has stated that even though the current economic policies of President Bola Tinubu\u2019s administration have brought tough times to Nigerians and their businesses, yet they are necessary and welcomed. Chairman of MAN in Cross River and Akwa Ibom States, Dr. Adoga Inalegwu, stated this in Calabar over [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":177092,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[1730,254,945],"class_list":["post-177093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-man","tag-nigeria","tag-tinubu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tinubu\u2019s economic policies tough but necessary \u2013 MAN \u200b - Nigeria<\/title>\n<meta name=\"description\" content=\"Manufacturers Association of Nigeria, MAN, has stated that even though the current economic policies of President Bola T ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubus-economic-policies-tough-but-necessary-man\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu\u2019s economic policies tough but necessary \u2013 MAN \u200b\" \/>\n<meta property=\"og:description\" content=\"Manufacturers Association of Nigeria, MAN, has stated that even though the current economic policies of President Bola T ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubus-economic-policies-tough-but-necessary-man\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-01T17:33:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-01T18:31:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/09\/sm_1756739057.065556.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"790\" \/>\n\t<meta property=\"og:image:height\" content=\"547\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubus-economic-policies-tough-but-necessary-man#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubus-economic-policies-tough-but-necessary-man\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tinubu\u2019s economic policies tough but necessary \u2013 MAN \u200b\",\"datePublished\":\"2025-09-01T17:33:44+00:00\",\"dateModified\":\"2025-09-01T18:31:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubus-economic-policies-tough-but-necessary-man\"},\"wordCount\":484,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubus-economic-policies-tough-but-necessary-man#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/09\/sm_1756739057.065556.jpg\",\"keywords\":[\"man\",\"Nigeria\",\"Tinubu\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubus-economic-policies-tough-but-necessary-man#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubus-economic-policies-tough-but-necessary-man\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubus-economic-policies-tough-but-necessary-man\",\"name\":\"Tinubu\u2019s economic policies tough but necessary \u2013 MAN \u200b - 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