Credit to manufacturing fell by N1.92 trillion, from N8.53 trillion in December 2024 to N6.61 trillion in December 2025, representing a 22.5 per cent year-on-year contraction.
Mr Ajayi-Kadir said the tariff would promote value addition, boost refinery capacity, save foreign exchange, and support long-term industrialisation.
President Bola Tinubu has explained why his administration established the N200 billion intervention fund to support micro, small, and medium enterprises and manufacturers.
MAN has commended President Bola Tinubu for achieving the breakthrough on the long-awaited minimum wage for Nigerian workers.
He said the union would ensure that the right revenue goes into the government purse.
The NAFDAC boss said the products were sub-standard and falsified medical products, unwholesome processed food additives, and unsafe cosmetics and counterfeits.
Mr Joe-Fadile also cautioned that the drug war in Nigeria continued and would not be business as usual, noting that the new sheriff would not tolerate illicit drug business.
