Rising cost shrinking profits, threatening companies’ existence – MAN

The Manufacturers Association of Nigeria (MAN) on Monday lamented that the ‘high and rising’ cost environment has continued to shrink profitability and, in many cases, threaten the existence of many operators in the manufacturing sector.

The President of MAN, Otunba Francis Meshioye, expressed this worry on Monday at the pre – 52nd Annual General Meeting (AGM) of the association held at MAN House, Ikeja, Lagos.

The 52nd AGM with the theme: “The Imperatives of an Intentional Development of the Nigerian Manufacturing Sector,” to be held between Tuesday 22 and Thursday 24 October, 2024 in Lagos.

Meshioye, in his address, said the theme was couched with a deep reflection on the growth trajectory of the manufacturing sector in Nigeria.

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“The high and rising cost environment continues to shrink profitability and, in many cases, threaten the existence of many operators in this critical sector of the economy.

“More worrisome is the fact that the sector that should propel job creation, productivity, and economic growth is enmeshed with a series of challenges that constantly limit its contribution to the Gross Domestic Product,” he said while lamenting the effects of some of the economic policies on the manufacturing sector.

The President called for an urgent need to address the binding constraints that make local products “uncompetitive, otherwise, the economy may continue on the downward trend with no certainty on when it will rebound.”