Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Manufacturing

High inflation rate threatens manufacturing sector’s recovery and growth – MAN

William UkpebyWilliam Ukpe
2 years ago
in Manufacturing
Manufacturing sector in Nigeria and the reality of a "new normal"
Share on FacebookShare on TwitterShare on Linkedin

The Manufacturers Association of Nigeria (MAN) has disclosed that the rising inflation rate for January alongside perennially high-interest rates and scarce/high rate of forex has compounded the downturn of the manufacturing sector in Nigeria.

This was revealed by Mr Segun Ajayi-Kadir, Director-General, MAN, in an interview with NAN on Tuesday in Lagos.

“The manufacturing sector has been struggling, particularly in the past four quarters, from the combined effect of COVID-19, deteriorating infrastructure, high regulatory compliance cost and tax obligations. 

“So, rising and high inflation, perennially high-interest rates and scarce/high rate of forex has compounded the downturn in the sector in terms of the envisaged recovery.

READ: Export professional tasks FG to seek inward for products with huge export potential

“The concerted efforts of government to recover the economy will have to address the aforementioned challenges,” he said.

Ajayi-Kadir urged the FG to partner with MAN and other associations to accelerate the success in the resource-based industrialisation initiative of the Association.

“Government should assist manufacturing productivity with credit at competitive price.

“This could be in the form of concessions and enhancing existing special credit windows or creating additional ones for this important sector of Nigerian economy,” he said.

READ: Automotive policy will make Nigeria Africa’s manufacturing hub – FG

What you should know 

  • Nairametrics reported that Nigeria’s consumer price index, (CPI) which measures inflation increased by 16.47% (year-on-year) in January 2021. This is 0.71% points higher than the rate recorded in December 2020 (15.75%).

Related

Tags: Manufacturing sector

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Tony Elumelu Brands Himself in these 5 effective ways
  • Nigeria’s problem is growth, not debt, revenue – Dr. Andrew Nevin
  • Why it is very difficult to make real return if you are investing in Nigeria – Kalu Aja

Follow us on social media:

Recent News

Tony Elumelu

Tony Elumelu Brands Himself in these 5 effective ways

February 5, 2023
Nigeria’s problem is growth, not debt, revenue - Dr. Andrew Nevin

Nigeria’s problem is growth, not debt, revenue – Dr. Andrew Nevin

February 5, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics