Manufacturers in the country have stated that it will be difficult for business owners to make a profit with the current streak of the dollar rate in Nigeria, News About Nigeria reports.
The President of the Manufacturers Association of Nigeria, Francis Meshioye, disclosed this, stating that prices of commodities are likely to skyrocket.
He maintained that it was impossible to remain profitable with the current exchange rate because business owners faced the serious challenge of breaking even in their businesses.
He added that with the prices of commodities on the rise, it will be difficult for people to buy the necessary quantity of goods as things will become more expensive.
Meshioye noted that as prices increase, the demand for products will decrease because that will affect the manufacturers in the country.
He further stated that the means to break even will become critical and therefore urged businesses to ensure that they break even, as looking to make a profit this season is a high aim.
“It is a critical and very challenging time for us,” he said.
He also predicted that these price hikes were unlikely to resonate well with consumers whose spending power has been continuously depleted.
He lamented the fact that the constant fluctuations in the forex market have made it difficult for manufacturers to make long-term plans, adding that the short-term plans have to be constantly revised to ensure that the reality of the economy can be incorporated into them.
He advocated that manufacturers come together and offer viable solutions that will enable them to remain in business.
