Declining manufacturing tax signals weakening industrial activity — Oye
By Yinka Kolawole The Alliance for Economic Research and Ethics (AERE) has warned that the decline in manufacturing tax revenue in the first quarter of 2026 reflects weakening industrial activity, urging the Federal Government and the Central Bank of Nigeria (CBN) to implement far-reaching reforms to revive the productive sector.
Oye called for accelerated implementation of the Nigeria Industrial Policy, restoration of tax incentives for firms in Free Trade Zones, strengthening of the National Credit Guarantee Company, reduction in fiscal deficits and domestic borrowing, a cap of 15 per cent on lending rates to manufacturing, agriculture and technology, deeper capital market funding and the establishment of industrial clusters with dedicated power supply.9 billion loan disbursement in 2025 but argued that the intervention, though commendable, is inadequate to transform Nigeria’s manufacturing sector.
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