The Manufacturers Association of Nigeria, MAN, has revealed that manufacturing companies in the country are currently suffering from the economic downturn ravaging the country, News About Nigeria reports.
The President of the Chemical and Pharmaceutical Sector, Rotimi Aluko, disclosed this while speaking at the group’s annual general meeting on Tuesday in Lagos.
According to him, the crippling economy and business environment in the country have forced many manufacturing companies to shut down operations, and several others have had to cut down on their procurement orders in recent times.
He noted that manufacturers in the country have been trying for a long time to sustain the effects of the numerous economic challenges that have come in various ways, posing a threat to the real sector of the economy.
He added that these economic challenges have crippled the manufacturing sector, almost sending it into recession.
Aluko further stated that the activities of the last general elections also contributed to the crises faced by the manufacturing sector, adding that the restlessness brought about by uncertainties from issues surrounding the pre-election and post-election was a major blow to manufacturers and many are still reeling from its effect and trying to find their feet.
He added that the removal of subsidy by the federal government and the unification of exchange rates have left a devastating mark on the manufacturing industry.
Meanwhile, the Managing Director and CEO of Tropical NaturaIs Ltd, Abiola Ogunrinde, while delivering a keynote presentation, stated that another major challenge was that Nigeria was not producing sufficient numbers of workers with the skills that employers needed.