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Despite persistent assurances to local and international investors by President Bola Tinubu that his administration would guarantee a more conducive operating environment   for businesses to thrive, the Manufacturers Association of Nigeria (MAN) has raised the alarm that more manufacturing companies may leave Nigeria for other countries if tariff regime is not improved. It stated that already, several international manufacturing firms had exited Nigeria on account of its perennial power crisis, coupled with the unpredictability of the country’s foreign exchange rates prior to its recent unification. President of MAN, Francis Meshioye, who articulated MAN’s view in a statement said the over N144billion spent on alternative sources of energy by manufacturers in 2022 impacted adversely on the operations of members. He stressed that any further hike in tariff would lead to an exodus of companies and called on the government to reconsider the move. “In every system there’s always a core structure and this includes the elements that make up the total cost spent in generating your revenue. Now, what we experience as manufacturers is that energy cost is a major cost in processing our products.”

Sun