•Says sector incurred over N1.5tn losses in foreign related transactions
•Recorded 108.7% increase in job losses in 2023 alone
•Many SMEs forced to close operations
Dike Onwuamaeze
The Manufacturers Association of Nigeria (MAN) yesterday, declared that continued non-redemption of the $2.4 billion FX forward contracts by the Central Bank of Nigeria (CBN) was posing a grave threat to the survival of Nigerian manufacturing companies and jeopardising the livelihoods of thousands of workers.
This comes exactly three days after the National President, Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), Mr. Dele Oye, also lamented that the non-payment of Foreign Exchange (FX) forwards had severely crippled affected companies, pushing many towards bankruptcy. Oye, had also said businesses and banks involved were now burdened with exorbitant interest rates, averaging over 35 per cent.
However, the latest…
Source: Thisday Newspaper
