The Manufacturers Association of Nigeria, MAN, has warned that Nigeria’s 4.43 per cent economic growth in the second quarter of 2026 was masking serious challenges in the industrial sector.

MAN said the services sector accounted for 56.62 per cent of the nation’s GDP, while the broader industrial sector contributed just 17.23 per cent.

The association’s Director-General, Segun Ajayi-Kadir, said industrial growth nearly halved from 7.46 per cent in the second quarter of 2025 to 3.96 per cent in the same period of 2026.

He attributed the decline to high production costs, exchange-rate pressures, expensive loans and rising electricity tariffs.

MAN called for urgent measures to improve power supply, industrial financing, foreign exchange access and local procurement, warning that Nigeria must shift from consumption-led to production-led growth.

Meanwhile, former Ogun State governor and senator representing Ogun East, Gbenga Daniel, said Nigerians’ living conditions should be used to measure economic progress rather than GDP figures alone.

He argued that economic growth and security were inseparable, stressing that farmers, businesses and investors could not thrive without adequate security.