MAN links recurrent challenges to nation’s industrial woes

The Manufacturers Association of Nigeria (MAN), yesterday attributed effect of recurrent challenges in the nation’s economy to unavailability and high cost of investible funds, poor electricity supply from the national grid as well as poor transportation infrastructure across the country on their production outputs.

Particularly, these challenges, according to the manufacturers, were the real reasons for not being able to maintain sizeable capacity utilisation, which made planning difficult.

Stating this in an interview with New Telegraph in Lagos, President of the Manufacturers Association of Nigeria, Dr. Frank Udemba Jacobs, said the lack of raw materials as a result of acute shortage of forex and fluctuation in the value of naira, was retrogressively affecting the sector’s performance. According to him, high cost of investible funds coupled with lack of same, remained very important challenges facing the manufacturing sector, adding that data from the survey of manufacturers was showing that the average cost of borrowing from the commercial banks was slightly declining amidst high interest rate regime.

New Telegraph, October 24, 2017

 

 

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