Coleman MD projects manufacturing growth in 2026

The Managing Director of Coleman Technical Industries Limited, George Onafowokan, has projected that the relative macroeconomic stability will lead to sustained growth in the manufacturing sector in 2026.

According to a statement, Onafowokan, also the chairman of the Ogun State Manufacturers Association of Nigeria, based this optimistic outlook on the economy, characterised by a steadier naira and a downward trend in inflation.

He noted that the current economic growth rate, hovering between 3.4 and 3.9 per cent, provides a solid foundation for manufacturers to scale their operations in the coming year.

While assessing the transition from the current year to 2026, the Coleman boss described 2025 as a period of recovery, during which the industry found its footing despite significant headwinds.

He maintained that the stability seen in the foreign exchange market and the easing of inflationary pressures have created a predictable environment for businesses.

“For the manufacturing sector, it’s been a stable year. We are seeing stability in the naira, inflation trending downwards and economic growth… heading towards four per cent. That stability is a good thing for manufacturers,” Onafowokan stated.

But Onafowokan insisted that the full potential of 2026 hinged on the Federal Government’s willingness to finalise and sign key fiscal policy measures that have remained pending since 2023.

He explained that the delay in implementing these recommendations has already cost the industry significant growth opportunities over the last two years.

He revealed that Coleman Technical Industries currently operates at less than 20 per cent of its capacity during an eight-hour shift due to these policy gaps, even as the demand for infrastructure remains high across the sub-Saharan region.

The Coleman MD identified the 2026 budget’s focus on capital expenditure, infrastructure, and security as the primary drivers of his positive projections.

He anticipated that increased spending on roads, power, and housing would open new markets and create jobs, particularly in the oil and gas, telecommunications, and fibre optics sectors.

Onafowokan argued that these investments, combined with renewed foreign direct investment and stable exchange rates, will determine the success of the 2026 fiscal year.

He stressed that “security is key to investment and growth”, as it protects assets and encourages long-term commitments from local and international investors.

Addressing the new tax laws set to take effect in January 2026, Onafowokan urged the government to clear the air regarding misinformation that currently clouds the reforms.

He commended the provisions that offer relief to low-income earners but warned that poor communication could trigger market distortions.

He clarified that withholding tax on savings interest remains a final tax and called for intensive public education to prevent panic among investors.

The Ogun MAN chairman added, “The government needs to do more to explain the tax laws and their benefits” to ensure a smooth transition into the new fiscal regime.

Onafowokan concluded that if the government aligned its fiscal policies with the current macroeconomic stability, 2026 would mark the era where Nigerians finally experience the tangible benefits of ongoing economic reforms.

He expressed hope that the upcoming year will bridge the gap between policy intentions and industrial reality, allowing manufacturers to service not only the domestic market but the entire sub-Saharan African region.

“Our prayer is that 2026 will be the year our hope is realised, when Nigerians begin to truly see the benefits of these reforms,” he concluded.