According to the Manufacturers Association of Nigeria, surging inflation, which has resulted in rising production, goods, and services costs, is a threat to the country’s economy.
MAN President Francis Meshioye made the announcement on Wednesday during the Association’s pre-annual General Meeting Press Conference in Lagos.
Meshioye noted that the country’s industrial industry had continued to contract in the last six months due to increased production costs.
He emphasized that the sector is beset by major constraints that limit its contribution to the country’s GDP.
“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.
Platinum Times 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.