The Tinubu Media Volunteers (TMV) have attributed backward integration and increased manufacturers’ investment to the elaborate economic reforms embarked on by President Bola Tinubu’s administration.
In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group noted a remarkable difference over the last year.
The statement read, “It is noted that the Manufacturers Association of Nigeria (MAN) had announced that the manufacturers’ drive to reduce foreign inputs and stability in foreign exchange has pushed investments in the sector up by 102.16 per cent to N1.33 trillion in 2025 from N658.81 billion in 2024.
“We also acknowledge that the surge in investments is traceable to aggressive backward integration and expansion of local production capacity by the manufacturers.
“It is also noted that, in a bid to reduce their exposure to foreign liquidity while strengthening domestic supply chains and improving operational efficiency in the midst of rising production and distribution costs, the manufacturers opted for the local sourcing of necessary materials.
“We align with the position of the manufacturers, which proposed a series of policy measures aimed at strengthening backward integration, expanding local sourcing, and making government procurement more supportive of Nigerian industries.”
“We believe that the positive results coming out from the manufacturing sector are a direct result of the economic reforms the Tinubu administration enunciated at its inception.
“The policies are also meant to encourage local production of goods and enhance exports.”
The group applauded the Tinubu administration for the policies, which it insisted are already yielding the desired results.
