Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria (MAN), predicted that the remainder of the year will be difficult for Nigerian manufacturers, but he also advised the federal government to increase domestic production because it will lower the cost of PMS in the nation.
The impact of the surging exchange rate and the proposed hike of PMS pump rice across the nation were discussed in an interview with AriseTv, where Ajayi-Kadir made the following comment: “The expectation is that we wouldn’t take that path even though everything is heading in that direction.
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“There are hard times awaiting manufacturers. We have seen the exit of GSK and the reduction in the profile of some of our members. This has dampened the confidence of manufacturers for the rest of the year.”
Kadir pointed out that the cost of commercial activities, including logistics, has increased in the manufacturing sector as a result of the loss of subsidies.
