Economy
US-Iran conflict: MAN outlines measures to mitigate effect on Nigerian manufacturers
The Manufacturers Association of Nigeria (MAN) has warned that the unfolding geopolitical tensions in the Middle East poses immediate, severe and multifaceted risks to Nigeria’s manufacturing sector, while outlining urgent pathways to safeguard industry operators.
Director General of MAN, Segun Ajayi-Kadir, in a statement, said the sector is already grappling with the ripple effects of the global energy shock triggered by the conflict, warning that the sector’s projected 3.1 per cent real growth target for 2026 is now under serious threat.
According to him, manufacturers’ heavy reliance on gas and Automotive Gas Oil (diesel) for production has exposed them to spiraling energy costs, as rising global crude oil prices continue to push domestic pump and depot prices upward, eroding operating margins.
“Energy cost escalation is biting hard. Many manufacturers are seeing their margins wiped out almost overnight,” Ajayi-Kadir stated.
He further noted that imported inflation and escalating freight costs are compounding the crisis. Extended transit times and higher shipping expenses and logistics expenses, he explained, have made the importation of critical raw materials increasingly prohibitive.
“The implication is clear – production costs are rising sharply, while consumer purchasing power is weakening. This has created a dangerous situation where manufacturers are battling both high costs and unsold inventories.
“Manufacturers are now confronted with the dual threat of skyrocketing production costs and unsold inventories, a development that could derail the sector’s projected 3.1 per cent growth in 2026,” he said.
To mitigate the looming crisis, MAN called on the Federal Government to urgently implement targeted interventions. These include fast-tracking the Presidential Compressed Natural Gas (CNG) initiative for industrial clusters to reduce dependence on diesel, and establishing a dedicated foreign exchange window through the Central Bank of Nigeria for the importation of critical inputs.
The association also advocated for the domestication of petroleum supply chains by ensuring that local refineries prioritise supply to domestic manufacturers at competitive rates, alongside a temporary suspension of logistics levies and multiple taxation on haulage.
“The current crisis is a stark reminder of Nigeria’s vulnerability to external shocks due to our dependence on imported inputs,” Ajayi-Kadir said. “While we cannot control global geopolitics, we can control our domestic response.”
He stressed that the situation presents a critical opportunity for Nigeria to pivot towards genuine manufacturing self-sufficiency, warning that failure to act decisively could result in widespread factory closures and job losses across the country.
To cushion logistics pressures, MAN recommended an immediate six-month suspension of multiple haulage levies, highway taxes and transit tolls imposed on manufacturers.
“We cannot control global geopolitics, but we can control our domestic response,” Ajayi-Kadir stated. “This crisis must serve as a catalyst for building a more resilient and self-sufficient manufacturing sector, rather than repeating the mistakes of the past.”
He warned that failure to act decisively could lead to widespread factory closures, job losses and a significant setback to Nigeria’s industrialisation drive.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 29th April 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 29th April 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday 29th April, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1367
The Nigerian Exchange Limited fined over 30 listed firms, a cumulative sum of N562.6 million.
The fine came because the firms missed financial filing deadlines, facing penalties, suspensions, and delisting.
This is according to the latest X-Compliance Report, stating that the firms failed to submit 2025 audited financial statements on time.
Listed firms like STACO Insurance, Union Dicon Salt, Pharma-Deko, and FTN Cocoa Processors now risk delisting, with some in restructuring.
Similarly, Aluminium Extrusion and Prestige Assurance are hit by the fine.
Beyond filing delays, the NGX highlighted breaches related to unauthorized disclosures and trading during closed periods. and were cited among PPP companies that violated disclosure rules, attracting regulatory caution.
Additional structural concerns within the NGX, particularly around free float deficiencies. Several companies, including Aluminium Extrusion Industries and Prestige Assurance, fell below required thresholds, prompting regulatory waivers and compliance timelines aimed at restoring market liquidity.
NGX penalises over 30 firms for filing breaches
As of Tuesday morning, April 28, 2026, the exchange rate between the US Dollar and the Nigerian Naira has shown relative stability in the official window while facing slight pressure in the parallel market.
Current Exchange Rates
Official Rate (NAFEM): The Naira is currently trading at an average of ₦1,360.56 per $1. It opened the session at ₦1,359.23 and has seen minor intra-day fluctuations, reaching a high of ₦1,360.19 in early trading.
Parallel Market (Black Market): The Dollar is being exchanged at rates between ₦1,480 and ₦1,495. Retail liquidity remains tight across major hubs in Lagos, Abuja, and Kano.
CBN Rate: The Central Bank of Nigeria’s internal benchmark is currently positioned at ₦1,358.44.
Key Market Indicators
Inflation Rate: 15.38%
Monetary Policy Rate (MPR): 26.5%
Naira Performance: Over the past month, the Naira has strengthened by approximately 1.94%, benefiting from increased global crude oil prices and recent monetary policy adjustments.
Market Note: Despite the official stability, the gap between the official and parallel markets remains roughly ₦120 – ₦135, a spread that traders are monitoring for potential arbitrage risks.
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