▪︎ From left: Segun Ajayi-Kadir, MAN DG; Taiwo Oyedele, Chairman, Presidential Committee on Fiscal Policy and Tax Reforms.; Otunba Francis Meshioye, MAN President
The Manufacturers Association of Nigeria (MAN) has expressed its support for the National Bureau of Statistics (NBS) in its initiative to rebase the Nigerian Gross Domestic Product (GDP).
However, the association has voiced concerns regarding the decision to include financial crimes in the recalibration.
Segun Ajayi-Kadir, the Director-General of MAN, stated MAN’s stance on the rebasing and its implications for the performance of the manufacturing sector, yesterday during the 9th edition of the MAN Media Personality of the Year Award and the 2025 Presidential Media Luncheon, in Lagos.
He remarked, “This initiative is a welcome development.” He further stated, “Nonetheless, the NBS’s choice to incorporate illicit activities—such as smuggling, prostitution, and kidnapping—may inadvertently suggest that the government is legitimizing financial crimes.”
Ajayi-Kadir noted that there are growing questions surrounding the rationale for this rebasing. “We have heard indications that the government may begin to evaluate informal and illegal sectors, including smuggling and kidnapping.
While it is recognized that these are forms of significant economic activity, the approach to incorporating them raises concerns about the potential legitimization of illegal practices.
It is essential to clarify how this will be accurately represented.” He emphasized the importance of conducting the rebasing carefully to avoid using it as a political instrument that might dilute the gravity of the country’s challenges.
Ajayi-Kadir also highlighted MAN’s commitment to collaborating with the NBS to obtain comprehensive data for a more accurate assessment of the GDP. “
Our position is one of support for a precise evaluation of the GDP. We will, of course, respect the conclusions reached by the NBS.
Should we encounter any issues, we will seek to engage in constructive dialogue with them, as we are already establishing a cooperative relationship. Access to reliable data is crucial for our analysis,” he concluded.