Rising costs pose threat to manufacturers, says MAN – moneyamebo

Date:

The Manufacturers Association of Nigeria disclosed that the unrelenting increase in production costs is posing a serious threat to the existence of firms in the manufacturing sector of the country.

The president of MAN, Francis Meshioye made this disclosure in a statement on Wednesday, during the association’s pre-Annual General Meeting press conference held in Lagos.

The association’s 51st AGM, set to hold in Lagos is themed, “Setting the Agenda for Competitive Manufacturing Under the AfCFTA: What Nigeria Needs to do.”

Meshioye, while addressing the press conference said the theme was couched with a deep reflection over the growth trajectory of the manufacturing sector in Nigeria and Africa.

Meshioye said, “Currently, the cost of manufacturing is daily rising owing to scarce and unavailable manufacturing inputs that continue to shrink profitability and threaten the existence of the critical sector of the economy.

“More worrisome is the fact that the sector that should propel job creation, productivity, and economic growth is enmeshed with a series of challenges that constantly limit its contribution to the Gross Domestic Product.”

Speaking further, Meshioye noted that such challenges as epileptic power supply, insecurity, inadequate infrastructure, shortage of forex and naira depreciation are prevailing issues that are impacting negatively on the sector.

He added that such challenges as epileptic power supply, insecurity, inadequate infrastructure, shortage of forex and naira depreciation are prevailing issues that are impacting negatively on the sector.

“The AfCFTA window should be maximised in such a way that products manufactured in Nigeria would be the preferred in terms of quality and pricing,” he said

According to him, the three-day event, which would feature an exhibition of Made-in-Nigeria products, would have Nigeria’s former Minister of Trade and Industry, Olusegun Aganga as a guest lecturer.

“Our goal is to brainstorm at the AGM, dwelling on the theme for the purpose of suggesting a policy direction for the new Government. Our distinguished Guest Speaker is a friend of the house and one who has a vast understanding of the sector and also the subject of discourse,” Meshioye added.

Source: the Punch

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

Latest Updates

More like this
Related

bitcoin
Bitcoin (BTC) $ 65,225.48 1.02%
ethereum
Ethereum (ETH) $ 3,530.77 4.10%
tether
Tether (USDT) $ 1.00 0.06%
bnb
BNB (BNB) $ 593.65 1.51%
solana
Solana (SOL) $ 138.57 5.28%
staked-ether
Lido Staked Ether (STETH) $ 3,530.53 4.34%
usd-coin
USDC (USDC) $ 1.00 0.37%
xrp
XRP (XRP) $ 0.49565 3.04%
dogecoin
Dogecoin (DOGE) $ 0.124396 5.74%
the-open-network
Toncoin (TON) $ 7.21 1.25%