The Manufacturers Association of Nigeria (MAN), has said it is likely that sudden closures of factories may occur in a few weeks time, following the difficulty being experienced in importing raw materials for production.
Recall that the central Bank of Nigeria (CBN) has recently placed a ban on forex access for 41 goods. Some of these items MAN argue are either raw or intermediate raw materials.
Dr Frank Jacob Udemba, President, MAN, who disclosed this week at a special briefing with the media on the state of the Nigerian economy, held at the association’s office in Ikeja, Lagos, stated that the problem of inadequate foreign exchange and the new foreign exchange guidelines of the CBN negatively affected productivity.
He noted that the situation enormously increased the cost of manufacturing, stressing that manufacturers experienced difficulties in importing raw material inputs into the country.
