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MAN Reports 30% Drop In Cement Sales And 20% Decline In Consumer Goods Sales
MAN Reports 30% Drop In Cement Sales And 20% Decline In Consumer Goods Sales....KINDLY READ THE FULL STORY HERE▶
The Manufacturers Association of Nigeria (MAN) has revealed that during the period of severe naira scarcity earlier this year, cement sales witnessed a significant decline of 30 percent. Additionally, the absence of easy access to cash during this period resulted in a 20 percent reduction in consumer goods sales.
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In a dedicated segment of its Manufacturing CEOs Confidence Index, MAN highlighted the severe consequences brought about by the naira redesign policy on the manufacturing sector. According to the report, there is currently no pressing need for the Central Bank of Nigeria to expedite the nation’s transition to a cashless economy or pursue overly aggressive policies, as substantial progress has already been made in that direction.
The crisis, as described by MAN, had a negative impact on manufacturers by directly constraining their working capital, thereby disrupting their daily business operations.
Key Findings of the Report
Furthermore, the report underscores that naira scarcity had an adverse effect on consumers’ patronage of manufacturing firms, leading to a substantial increase in their inventory levels, especially for retail merchandise.
The report states:
“The significant reduction in money velocity created opportunities for speculation and fueled the emergence of a naira black market, exacerbating the challenges faced by manufacturers who were already grappling with inadequate foreign exchange.
“The naira scarcity led to the closure of many small and medium-sized manufacturing enterprises that relied on cash transactions, especially those in the agro-allied industries operating in remote areas where formal banking services are scarce. Moreover, the exorbitant Point of Sale (POS) charges for cash transactions further constrained the operations of resilient manufacturing SMEs and heightened their cost of doing business.”
Additionally, the report highlights that the economic crisis placed the cash-dependent distributive trade sector in a vulnerable position, leading to significant implications for both the manufacturing value chain and logistics cost structure.
Important Context
In October 2022, Godwin Emefiele, the Governor of the Central Bank of Nigeria, announced the apex bank’s plan to redesign and introduce a new series of three banknotes, replacing the existing eight. The redesigned N200, N500, and N1000 notes were scheduled for circulation on December 15, 2022, with the pre-existing notes remaining legal tender until January 31, 2023.
The CBN Governor cited persistent concerns regarding the management of currency in circulation, particularly those outside the formal banking system, as the rationale behind the policy. However, the policy was reported to have negatively impacted the economy, as many individuals and businesses struggled to access cash from banks within the stipulated timeframe, coupled with technical glitches in digital banking operations.
Certain senior military officials have stated that the thwarted coup attempt in September 2025 likely played a role in President Bola Tinubu’s choice to grow the Nigerian Army by adding four new divisions.....KINDLY READ THE FULL STORY HERE▶
This planned growth will expand the Army’s operational field divisions from eight to 12 while also paving the way to recruit 28,000 extra personnel.
Speaking to Punch, a high-ranking military intelligence source revealed that post-coup security evaluations heavily shaped current updates to the nation’s security framework. Security planners reportedly determined that stopping future takeover threats demanded an upgrade to the military’s operational strength.
“Given the scale of destruction security agencies believed the failed coup plot could have caused had it succeeded, it is understandable that the government would seek to eliminate every vulnerability capable of supporting another unconstitutional takeover,” the source explained.
Additionally, a Nigerian Air Force officer noted that military leaders were shaken by the failed plot and have since worked on strategies to block any future efforts to overthrow an elected government, which may include expanding military divisions. Internal reviews of public response to the coup reports also shaped government calculations, as officials felt citizens did not show a strong, widespread readiness to openly fight an unconstitutional government change.
While modern advancements in surveillance, intelligence, and command systems already make staging a coup vastly more difficult—requiring hard-to-conceal elements like advanced weapons, secure communications, logistics, and undetected collaborators—authorities view structural reforms as a vital preventive shield.
“From the government’s perspective, the safest option is to ensure that any future attempt becomes practically impossible to organise,” the Air Force officer said.
The Presidency has rejected claims that President Bola Tinubu’s move to increase the number of Army divisions was driven by political motives regarding the 2027 elections or anxieties over a potential military coup.....KINDLY READ THE FULL STORY HERE▶
Speaking in an interview with Punch, Temitope Ajayi, the Senior Special Assistant to the President on Media and Publicity, clarified that the restructuring is entirely aimed at modernizing outdated military infrastructure to match current security threats.
Key details from his explanation include:
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Fulfilling Campaign Commitments: The expansion directly aligns with President Tinubu’s electoral promise to bolster the nation’s security framework by growing troop capacity, upgrading equipment, and establishing new military formations.
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Boosting Personnel: The administration has recruited roughly 50,000 service members over the last three years across the three military branches, with an additional 28,000 recruits underway.
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Faster Operational Response: Creating new divisions places commanders and troops closer to dangerous flashpoints, eliminating delays like relying on a Jos-based division to handle emergencies in Sokoto, Zamfara, or Yobe.
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Expanded Training Facilities: Three new training depots have been set up in Kogi, Ebonyi, and Osogbo alongside the existing Zaria depot, each capable of training 5,000 to 6,000 recruits at once to drastically boost capacity.
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Upgrading Legacy Infrastructure: Much of the country’s military framework dates back decades to the 1970s, 1980s, and 1990s, making upgrades essential to support Nigeria’s significantly grown population and modern security realities.
Veteran journalist and publisher Dele Momodu has cautioned Osun State Governor Ademola Adeleke about an alleged strategy by the All Progressives Congress (APC) to rig the upcoming August 15, 2026, gubernatorial election.....KINDLY READ THE FULL STORY HERE▶
Writing on the social media platform $\mathbb{X}$ to Governor Adeleke—whom he calls his “Twin Brother”—Momodu expressed deep distrust in the Independent National Electoral Commission (INEC), claiming it is entirely influenced by President Bola Tinubu and incapable of overseeing a transparent vote.
He further asserted that the ruling federal administration views the Osun poll as a trial run for the 2027 presidential election.
“Let no one deceive you that INEC, under the complete control of PRESIDENT BOLA TINUBU will organize free, fair and credible ELECTION in OSUN State next week, AUGUST 15, 2026. The ruling APC government is determined to use your election as the dress rehearsal for their nefarious preparation for the Presidential election in January 2027,” Momodu stated.
According to Momodu, APC operatives have received directives to secure a win in Osun State using any possible method, cautioning that this win-at-all-costs mentality could trigger severe backlash.
“We have a lot of friends in APC, and we’ve been warned to expect any eventuality. The instruction to their foot-soldiers is simple: grab Osun by any means necessary and deal with the resultant volcano thereafter,” he added.
While praising Adeleke for his governance track record and urging him to stay spiritually grounded as the election draws near, Momodu also challenged the opposition party to stand on its previous achievements, noting they have little to show for their time in power.
The Osun State governorship election is officially set for August 15, 2026, with Governor Adeleke running for a second term.
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