Due to the effects of the pandemic in the country, local manufacturers are finding it difficult to make sales, and it is resulting in an increase in their stocks and depletion of their income.
The predicament of manufacturers in the country has been worsened by the need to generate electricity for themselves to run their business, and their inability to get foreign exchange to buy raw materials.
Mansur Ahmed, President of Manufacturers Association of Nigeria (MAN), explained that “The manufacturing sector spent over N67.38b on self-generated electricity with energy cost accounting for over 38 percent of production cost in 2019, and genuine exporters are still being owed huge sums of money as a backlog of unpaid outstanding from the Export Expansion Grant scheme.
“From our record, manufacturers donated about N8 billion in cash and N300 million worth of palliative materials to both Federal and states governments. We are sincerely grateful to our frontline health workers and other service providers for their commitments, sacrifice, and service to humanity.”
He called on the government to come to the aid of manufacturers in the country so they can remain in business, by providing them flexible loan facilities, assistance in paying off a backlog of staff salaries while easing the pressure on manufacturers.
