Mr Segun Ajayi-Kadir, the Director General of the Manufacturers Association of Nigeria (MAN) has said hard times await Nigeria’s manufacturers for the rest of the year.
He said this during a television interview on the effects of the skyrocketing exchange rate and the mooted increase in PMS pump price across the country.
When asked about the outlook for the year considering the current exchange rate of about N900/$ and high cost of fuel, and whether the country should expect more exits as in GSK and further job losses, he said: “The expectation is that we wouldn’t go that route even though everything is pointing in that direction.
“There are hard times awaiting manufacturers. We have seen the exit of GSK and the reduction in the profile of some of our members. This has dampened the confidence of manufacturers for the rest of the year.”
On the impact of the subsidy removal on the manufacturing sector, Kadir noted that the industry has seen an increase in the price of commercial activities in general, including logistics.
He advised the federal government to ensure a ramp-up of domestic production as that will mitigate the price of PMS in the country.
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