OVER 400 MANUFACTURERS CLOSE SHOP, SACKED STAFF- MAN

Written by on May 10, 2021

IN THE LAST YEAR, AT LEAST OVER 400 MANUFACTURING FIRMS WERE FORCED TO CLOSE PRODUCTION, ACCORDING TO THE MANUFACTURERS ASSOCIATION OF NIGERIA (MAN).

THE DIRECTOR-GENERAL, MAN, SEGUN AJAYI-KADIR DISCLOSED THIS OVER THE WEEKEND AT MAN’S 50TH-ANNIVERSARY CAKE-CUTTING EVENT.

ALTHOUGH HE SAID SOME OF THE MANUFACTURERS HAVE RESUMED PRODUCTION, THE CONTINUED SCARCITY OF FOREIGN EXCHANGE (FX) AND SUPPLY-SIDE CONSTRAINTS ARE THE TWO BIGGEST HICCUPS FACING INDUSTRIES IN THE COUNTRY.

THE DG ALSO POINTED OUT THAT INFRASTRUCTURE DEFICIT, POWER, TRANSPORTATION ACQUISITION OF LANDS, THE MULTIPLICITY OF TAXES AND LEVIES FROM DIFFERENT TIERS OF GOVERNMENT, AND INCONSISTENT GOVERNMENT POLICIES WERE OTHER CHALLENGES FACED BY PLAYERS IN THE SECTOR.


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