The harsh economic terrain is really telling on business, large and small, in all sectors. The result has been that several of the sectors of the Nigerian economy have requested that the Central Bank Of Nigeria (CBN) provide bailout loans to them to prevent them from folding up.
The latest to ask for this provision from the apex are fast food operators who through their body, Association of Fast Food Confectioners of Nigeria (AFFCON) are soliciting for financial bailout from the Central Bank of Nigeria (CBN).
According to them, drop in patronage, high operating cost and forex scarcity are continual impediments that have rocked their businesses and have reduced its growth sales and profit margins by 30 per cent. Already, they claim that the country’s economic woes had led to many of its members to closed their outlets and reduce workforce.
According to them, the nation’s fast food industry is a key contributor to the economy with an estimated annual revenue of N300 billion and taxes in excess of a billion naira. Will the CBN respond?