Ajaji Kadir, Director General and CEO of MAN said this is in light of the macroeconomic challenges due to the volatility in foreign exchange rates at the Norrenberger Economic Outlook titled, “Nigeria: Beyond the reforms”
He pointed out that the manufacturing sector has been affected by different logistics flows as it is one of the most susceptible to international shocks and geopolitics.
According to Kadir, the recent government reforms have impacted the sector, considered one of the most important to the economy. In Nigeria, the manufacturing sector contributes less than 10%, and it is growing at about 1.5%.
He said,
The MAN DG said that one form of basic government support is the credit earmarked for the sector.
He said that this would go a long way, given that the interest rate for an average manufacturer currently stands at 31% to 36% and is likely to escalate with the recent increase.
He said,
Abimbola Babalola, head, trading and product, Nigerian Exchange Limited said that the government’s efforts to implement reforms across different parts of the market serve as an important signal for foreign investment.
TimesNow.com.ng reported that stakeholders and manufacturers in Nigeria have praised the Nigerian governmentâs decision to suspend the proposed increases in tax on Sugar-Sweetened Beverages (SSBs), describing the move as a lifeline for the sector.
They said this decision would reignite manufacturing growth and job creation in the industry.
The minister of finance and coordinating minister of the economy, Wale Edun, disclosed the governmentâs intention to stabilise the economy when the National Action on Sugar Reduction (NASR), a coalition of non-governmental organisations, visited him in Abuja.
Source: TimesNow.com.ng
