Manufacturers’ Key Issues in Q1’24: FX, Power, Inflation.
- Manufacturers’ Struggles in Q1’24: Nigerian manufacturing CEOs identified foreign exchange volatility, power supply issues, and high inflation as their main challenges, leading to a 20.7% rise in production and distribution costs.
- Top Challenges for Manufacturers: According to the Manufacturers Association of Nigeria (MAN), key issues included unstable FX, power outages, high operating costs, energy prices, multiple taxes, insecurity, policy inconsistency, and poor infrastructure.
- Economic Impact: The Q1’24 Manufacturers CEO Confidence Index revealed a 20.7% increase in costs, a 9.76% drop in capacity utilization, and a 10.14% decline in production volume due to these challenges.
- Call to Action: MAN’s Director General, Segun Ajayi-Kadir, emphasized the need for government action on insecurity, electricity supply, fiscal sustainability, and policy consistency to support the manufacturing sector’s growth and productivity.
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