MAN Urges FG to Sanction Officials Behind Business-Damaging Policies

• The Director-General of MAN, Segun Ajayi-Kadir, urged consequences for officials whose harmful policies negatively impact businesses during an economic forum
• Ajayi-Kadir highlighted rising interest rates as a severe challenge for businesses, stressing the need for policies that stimulate rather than suffocate the economy

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has called for government officials responsible for harmful policies to face the consequences. He emphasized that policies that negatively impact businesses should not go unpunished.

Ajayi-Kadir made these remarks during a forum titled “Nigeria’s Challenging Economy: Strategies for Recovery,” organized by Channels Television to celebrate Nigeria’s 64th Independence anniversary.

He stressed, “There must be consequences for government officials who make policies that ruin businesses. When a policy causes disaster for the industry, it’s not enough for the government to change it and move on. If you make such mistakes in the private sector, your business suffers or even collapses.”

Ajayi-Kadir also highlighted the issue of rising interest rates, which he says are creating severe difficulties for businesses.

With borrowing rates as high as 30-35%, many businesses struggle to survive, especially in an economy where consumer purchasing power has significantly dropped.

He argued, “The continuous increase in interest rates, which has lasted for over 18 months, has not been assessed for its impact on the productive sector. We must insulate the sector to stimulate the economy rather than suffocate it.”

Ajayi-Kadir’s comments underscore the need for the government to be more accountable for economic decisions affecting industries and Nigeria’s overall business environment.