President Bola Tinubu’s economic policies have reduced production by Nigerian Manufacturers to 30 percent capacity, while some others are folding up.
This development was disclosed by the Edo/Delta Manufacturers Association of Nigeria (MAN), chairman Mr. Ehizogie Osadolor during the 38th Annual General Meeting of the Edo/Delta branch in Benin on Sunday.
“As a result of the high exchange rate, manufacturers are unable to import the raw materials needed for production, leading to a considerable reduction in capacity utilization of many companies to 30 percent,” Osadolor said.
“Government urgently needs to give priority attention to the manufacturing sector by providing adequate bailouts for the sector and put the necessary infrastructure in place to avoid a total collapse of the sector.
“They should encourage the patronage of Made-in-Nigeria goods to reduce pressure on the dollar which is needed for the importation of foreign goods. This will increase the production capacity of local manufacturers and reduce unemployment in Nigeria.”
manufacturing a priority sector by providing loans at one digit to the manufacturers to boost their output and stimulate the economy.”
In another development, National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Products Employers (NUCFRLANMPE), outgoing president Babatunde Olatunji, said over 40 companies under his association to shut down within the past three years, due to the present economic depression.
, “As of today, no fewer than 40 companies have closed down within the past three years due to economic instability.
“The hasty removal of the fuel subsidy without considering measures to cushion its potential negative effects has been the starting point of the current economic challenges.
“The removal of the fuel subsidy should have been a gradual process, implemented in phases, rather than an outright removal without taking into account the feelings of the masses.”
