The Manufacturers Association of Nigeria, MAN, yesterday said that 16 major manufacturing firms incurred cumulative losses amounting to N792 billion between 2023 and 2024.
Also, Chairman, Ogun State Manufacturers Association of Nigeria, MAN, George Onafowokan, raised alarm over the unprecedented crisis facing the manufacturing sector following the government’s decision to float naira in 2023.
He said this in his address titled: “Dollar to Naira Cost, the Nigerian Manufacturers’ Daily Dilemma: Exploring Strategies for Business Sustainability”, at the 39th Annual General Meeting of the states chapter of MAN.
Onafowokan who doubles as Managing Director of Coleman Wires and Cables Industries Limited said: “The fall of the national currency has been partially responsible for high inflation rates in the country.
As of December 2023, inflation rose to 28.92 percent according to the National Bureau of Statistics.
The Federal Government had also through the Nigerian National Petroleum Company Limited got a $2.25 billion oil-for-cash loan facility from the African Export-Import Bank to boost dollar liquidity in the economy.
