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The Manufacturers Association of Nigeria, MAN, says soaring inflation, which has occasioned rising costs of production, goods, and services, is a threat to the country’s economy.
Francis Meshioye, the president of MAN, disclosed this in a statement on Wednesday during the Association’s pre-annual General Meeting Press Conference in Lagos.
Meshioye lamented that in the last six months, the country’s manufacturing sector had continued to shrink due to the rising cost of production.
He stressed that the sector is enmeshed in serious challenges that limit its contribution to the country’s Gross Domestic Product.
“Currently, the cost of manufacturing is rising daily owing to scarce and unavailable manufacturing inputs that continue to shrink profitability and threaten the existence of the 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.
DAILY POST reports that Nigeria’s inflation for August is 25.80 per cent, while the country awaits the September figure, expected to be released in three days.
