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Rising diesel price, multiple taxation, others cripple our operations, manufacturers cry out



Nigeria losing daily share of African market due to border closure —MAN

The Manufacturers Association of Nigeria (MAN) has requested the government to review its diesel importation channel, to prevent industries from shutting down due to the soaring price of the commodity.

MAN said Industrial hubs are becoming warehouses and event centers, as many can’t cope with the economic challenges of rising diesel cost, poor electricity supply and shortage of foreign exchange.

The manufacturers explained through in statement from its Director-General, Segun Ajayi-Kadiri, that the rising cost of doing business could be curbed by allowing importation of diesel and aviation from Chad and Republic of Niger.

With diesel price rising by 200 percent to above N800 per litre, coupled with multiple taxation, the manufacturers’ association said on Monday that the companies might be forced to shutdown if the government doesn’t intervene.

Read also: Diesel price to hit N1,500, as importers urge govt to raise fuel cost

“Four obvious questions that readily come to mind that are seriously begging for answers are- What can we do as a nation to strengthen our economic absorbers from external shocks?

“Should manufacturing companies that are already battered with multiple taxes, poor access to foreign exchange and now over 200 per cent increase in the price of diesel be advised to shut down operations?

“Should we fold our arms and allow the economy to slip into the valley of recession again? Is the nation well equipped to manage the resulting explosive inflation and unemployment rates?

“More worrisome is the deafening silence from the public sector as regards the plight of manufacturers.” Ajayi-Kadiri said in the statement.

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