National Economy
Monday, June 30, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

Manufacturers To  Brace Up For Harder Times In 4th Quarter

by Kingsley Okoh
3 years ago
in Business, News
Reading Time: 3 mins read
Manufacturers
Share on FacebookShare on TwitterShare on Telegram

The Nigerian manufacturing sector is expected to continue to stagger for survival as we enter the fourth quarter of the current year, expecting the believing that the macroeconomic shocks, market volatility, unavailability of raw materials, dollar hike, job loss, depress growth potential, harsh economic situation, constrained production and foreign exchange illiquidity will continue unabated.

Speaking in a Media Chat, chairman, Apapa branch of the Manufacturers Association of Nigeria (MAN), Mr Frank Onyebu, said, “Going into the fourth quarter of 2022, the manufacturing sector will likely suffer some shocks from the rising cost of diesel, logistics, foreign exchange illiquidity, domestic inflationary pressure, weakening purchasing power, poor public infrastructure and port-related challenges.”

Onyebu stated that, the manufacturing sector has become a dying breed that needs urgent rescue and timely interventions.

He said the manufacturing sector is in a state of comatose and needs to be resuscitated giving that factories are shutting down in their numbers while some manufacturers are divesting and relocating to other countries to find forbearance.

You May Like

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force  

He added that most manufacturers are unable to relocate to other countries owing to the huge financial requirement, adding that, such requires much more than packing a baggage and hopping into an aircraft.

The logistics of winding down an existing business and building a new business in a new environment is mind-boggling, he noted.

“Only few manufacturers have succeeded in relocating adding that greater percentage have either wound down their operations or are in the process of closing down production sites. A lot more are also just hibernating, meaning they are just hanging onto life support, waiting for some miracle to happen,” he said.

Continuing, he projected that 30 per cent of manufacturers are winding down or hibernating, adding that, most of them are in the categories of indigenous companies who are struggling to survive.

This is even as he highlighted factors responsible for the death of young and infant companies while stressing that, government needs to step up plans with bold policy and initiatives to grow the sector which, he said, has a lot of potential to grow the economy, preserve investment and create jobs.

Onyebu posited that, government should harness physical infrastructure and reduce the cost of governance as well as eliminate corruption or at least bring corruption to the barest minimum adding that this will bring in the private sector to develop infrastructure.

He added that this can be done under the public private partnership (PPP) umbrella.

“The impact of functional infrastructure cannot be overemphasised. It has a direct impact on the economy and the general wellbeing of the populace. It is a known fact that investments flow with infrastructure. I expect a threefold growth in both local and foreign investments if there is a massive overhaul of our infrastructure. This will not only open up previously inaccessible communities but will create employment for the teaming youths who would otherwise take to banditry and other crimes,” he stressed.

President, MAN, Mansur Ahmed, faulted government over its inability to strengthen policies geared at boosting the productive sector.

Mansur noted that, to a large extent, hindrances experienced in the productive sector are largely caused by policy inconsistency and somersaults, which leave no room for proper planning and projection.

He observed that in spite of the several Central Bank of Nigeria (CBN)’s policies, such as, the Naira4dollar scheme, Ban of Sale of Forex to BDCs, the proposed RT 200 FX Programme which stands for the ‘race to US$200 billion in FX repatriation and others,’ much seems not have been achieved.

While he commended the good intention of the CBN for these policies, particularly, to drive support for the real sector of the economy, MAN president stressed that, there was need to establish mechanisms for robust monitoring and evaluation which ought to be part of the plan to ensure that the support to drive export in the manufacturing sector really comes to fruition.

He said the association which represents the interest of manufacturers in Nigeria, has offered to be a part of this process, adding, “We shall continue to offer recommendations to the government that will increase manufacturing sector’s contribution to the nation’s GDP.”

 

 

ShareTweetShare
Previous Post

ThriveAgric Unveils Strategy To Increase Local Food Production

Next Post

Top 10 African Countries By GNI Per Capita

ANOTHER GOOD READ

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist
News

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

3 hours ago
Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force   
News

Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force  

3 hours ago
KEDCO To Commission  N1.1bn Dawanau Network Expansion Project
News

KEDCO To Commission N1.1bn Dawanau Network Expansion Project

5 hours ago
Oil Prices Uncertainty Frustrates Nigeria’s $5bn Loan Deal With Saudi Arabia
News

Oil Prices Uncertainty Frustrates Nigeria’s $5bn Loan Deal With Saudi Arabia

5 hours ago
MTN Foundation, NDLEA Lead Charge Against Substance Abuse
News

MTN Foundation, NDLEA Lead Charge Against Substance Abuse

5 hours ago
High Rent Fees Forces Low Income Families To Live In Subpar Housing
News

High Rent Fees Forces Low Income Families To Live In Subpar Housing

5 hours ago
Next Post
Top 10 African Countries By GNI Per Capita

Top 10 African Countries By GNI Per Capita

Most Recent

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

June 30, 2025
Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force   

Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force  

June 30, 2025
17 States Confirm Plans To Host Olympic Day

17 States Confirm Plans To Host Olympic Day

June 30, 2025
NSC Commends Akeredolu For Driving Nigeria’s Flag Football Success

NSC Commends Akeredolu For Driving Nigeria’s Flag Football Success

June 30, 2025
We Are Ready To Host CAA U18/U20 Championships – LOC

We Are Ready To Host CAA U18/U20 Championships – LOC

June 30, 2025
PFL  Event: Ukah Eyes Thrilling Debut Against South African Ceileigh

PFL Event: Ukah Eyes Thrilling Debut Against South African Ceileigh

June 30, 2025
Unlocking Africa’s Manufacturing Potential In Global Trade Networks

Unlocking Africa’s Manufacturing Potential In Global Trade Networks

June 30, 2025
Driving Aviation Growth Through Regional Collaboration

Driving Aviation Growth Through Regional Collaboration

June 30, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy