Business 272 Firms Shut Down Operation in 1 Year - Manufacturers

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The current economic hardship has led to the closure or total collapse of 272 factories across the country, the association of manufacturers said yesterday.

The Executive Secretary of the Nigerian Association of Small & Medium Enterprises (NASME), Eke Ubiji, explained how in 11 States 272 companies have collapsed or are ailing, a situation that could have been averted if there was patronage of local goods, low rate of foreign exchange and supportive governmental policies.

Ubiji said this at the launch of the ‘Manufacturing Sector Survey in Nigeria: Industry Snapshot’ conducted by NOI POLLS and Centre for the Study of the Economies of Africa, the manufacturers decried the harsh operating environment in recent times.



The Director, Economic and Statistic, Manufacturers Association of Nigeria (MAN), Mr Ambrose Oruche, said manufacturing, as the heart of industrialisation, was constrained on a daily basis by policy mismatch.

He lamented the repercussion of the exclusion of 41 items from accessing FX from the official markets by the Central Bank of Nigeria, saying that about 50 large factories closed down this year alone.
 
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