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MAN seeks end to foreign exchange scarcity, energy crisis

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The Manufacturers Association of Nigeria MAN has called for urgent end to Foreign exchange scarcity and the energy crisis which are the two issues that have hindered the real sector.

Speaking at the Annual Conference and Workshop of Commerce and Industry Correspondent Association of Nigeria (CICAN) in Lagos, the Director-General, MAN, Segun Ajayi-Kadri said inadequate foreign exchange and energy crisis, have hugely challenged the sector, forcing a dip of the sector’s output from 5.8 percent in the first quarter of 2022 to 3.0 percent in the second quarter.

He said that manufacturing indicators such as capacity utilisation, contribution to real Gross Domestic Product (GDP) investment, employment, cost of production, competitiveness among others were also negatively impacted.

Other speakers including the president Nigerian Association of Chambers of Commerce and Industry Mine and Agriculture, NACCIMA, said that the challenges must be adequately addressed to arrest further degeneration in the performance of the sector.




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