Manufacturers, under the aegis of the Manufacturers Association of Nigeria, (MAN), has threatened that it will shut down manufacturing activities in the country, if nothing is done to address the soaring cost of energy bedevilling the sector.
The MAN Director-General, Segun Ajayi-Kadiri, in an issued press statement made available to newsmen yesterday, said the manufacturing sector over the years has been battered by numerous challenges which have reduced the number of industries in Nigeria and converted industrial hubs in many parts of the country to warehouses of imported goods and event centres.
The manufacturing body, in the statement, asked for a policy that would urgently allow companies and airlines to import diesel and aviation fuel respectively from the Republic of Niger and Chad.
The association identified challenges such as a high operating cost environment largely caused by inadequate electricity supply, the high cost of alternative sources, excessive regulation and taxation, as well as the inadequate supply of foreign exchange for the importation of raw materials, spare parts, and machinery that were not locally available as major setbacks.
To remain in business, the manufacturers demanded the development of a National Response and Sustainability Strategy, in order to address challenges emanating from the ongoing invasion of Ukraine by Russia.
They also demanded consistent support to manufacturing to accelerate the process of recovery from the aftermath of Covid-19 and previous bouts of recession to avert the complete shutdown of factories nationwide with multiplier effects on employment and the economy.
