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More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) - Business - Nairaland

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More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by ijustdey: 10:41am On Dec 15, 2020
…says Nigerian business milieu becoming more hostile

The ongoing stifling of foreign exchange (forex) will lead to mass shutdown of firms in the New Year with attendant job losses, the Manufacturers Association of Nigeria (MAN) has warned the Federal Government.

Also, the association pointed out that the country’s business environment is becoming more hostile and unbearable due to escalating exchange rates, forex scarcity, COVID-19, multiple taxes and border closure.

Acting Director-General of MAN, Mr. Ambrose Oruche, in an interview with New Telegraph, said one of the issues affecting manufacturing presently and its members was the continued border closure by government with its dire consequence on trade.

He noted that the manufacturing sector had been ‘near death’ situation before COVID-19 set in, adding that, currently, manufacturers were finding it difficult to access forex to import raw materials and machineries, which could lead to dire consequences in the new year if not quickly addressed by the Federal Government.

The MAN acting DG cited an example of one of the manufacturing companies, which had placed order for raw materials since March and only got the supply in November 2020. He said: “Before December 2019, when Coronavirus hit Wuhan in China, the manufacturing sector in Nigeria was in ‘near death’ situation.

The sector was neglected by the government. It is a sector that creates jobs and contributes between eight per cent and 9.5 per cent to the Gross Domestic Product (GDP).

“The Nigerian economy already had underlying ailments and COVID-19 only worsened it. So many suppliers abroad refused to sell raw materials to the manufacturers. “It has not been easy for the manufacturing sector.

They create their own water, build roads to their factories and, if possible, they would build their ports. It will be difficult for so many companies to come back after Christmas, because no forex, and they need replacement of spare parts etc.

“I want to appeal to the Central Bank of Nigeria (CBN) to prioritise forex to the manufacturing sector, to be able to bring in needed raw materials and machineries. “And efforts should be geared towards the production of raw materials locally,” he added.

Oruche called for improvement in infrastructural development as in other climes, saying “it takes between 24 and 48 hours to clear consignments at the ports.” Speaking on the country’s recession, the MAN boss emphasised that government must remove all multiple taxes levied on manufacturers, and all the ministries that are visiting factories with all form of charges should be cautioned. According to him,

“For us to come out of recession as a country, government must remove all multiple taxes levied on manufacturers, and all the ministries that are visiting factories with all forms of charges should be cautioned. “Government should encourage manufacturers by formulating policies that is investment friendly.

“The government should grant tax holiday to manufacturers during this period of general economic hardship if we must come out of recession.

They should think of incentives to manufacturers and not exploiting or punishing them with levies and taxes.

“Government should make low single digit loans available with less bureau cracy if the country must experience growth. “Lifting tax burden of the manufacturers will help in creating more employment, thereby lifting jobless youths out of the street.”

In addition, the Federal Government should encourage manufacturers by way of formulating policies that is investment friendly, especially granting tax holiday to manufacturers during this period of general economic hardship if we must come of recession.

He, however, advised that government should think of incentives to manufacturers and not exploiting or punishing them with levies and taxes.

Also, they should make low single digit loans available with less bureaucracy if the country must experience growth. “Lifting tax burden of the manufacturers will help in creating more employment, thereby lifting jobless youths out of the street,” Oruche said

https://www.newtelegraphng.com/man-more-firms-to-shut-down-in-2021/

1 Like

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Kaduna1stson: 10:41am On Dec 15, 2020
These firms should stop playing bad belle politics and face their manufacturing.

Why should they be complaining about exchange rates when we don't use dollar as means of local exchange.

This is only an attempt to frustrate a northern president.

8 Likes 4 Shares

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by istina: 11:04am On Dec 15, 2020
Education collapsing
Health collapsing
Security collapsing
NAIRA collapsed
Manufacturing collapsing

Yet some still believe in this govt.
When Nigeria eventually collapse then they will wake up from their folly.

Nigeria the land of Dreams and opportunities wasters

37 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by VictoryAssured: 11:18am On Dec 15, 2020
Buhari has killed and buried Nigeria. The country will only resurrect if capable hands take over 2023.

37 Likes 2 Shares

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Nobody: 11:27am On Dec 15, 2020
all thanks to the Dullard

10 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by pointstores(m): 11:51am On Dec 15, 2020
Nigeria giant of africa now opposite

5 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Nobody: 11:54am On Dec 15, 2020
The country is on Auto-pilot... it has no control..

16 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Mummyjoy: 12:27pm On Dec 15, 2020
Kaduna1stson:
These firms should stop playing bad belle politics and face their manufacturing.

Why should they be complaining about exchange rates when we don't use dollar as means of local exchange.

This is only an attempt to frustrate a northern president.
Ask questions to learn, don't rush to make a comment in public space without being well informed. Exchange rate, border closure and many more issues raised are hindrances to the growth of the manufacturing sector. Don't you know that raw materials are imported?

68 Likes 3 Shares

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Nobody: 12:54pm On Dec 15, 2020
wahala for people wey be Nigerian oo
Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by capatainrambo: 12:54pm On Dec 15, 2020
Buhari and his cows should be blamed.

2 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Hambivert: 12:54pm On Dec 15, 2020
ZoneB's is this the Nigeria of your dreams?

Security F9
Agriculture F9
Economy F9
Sports F9
Health F9
Education F9
Job Security F9
Transportation F9
Governance F9
Foreign Policy F9
Infrastructure and development F9

The only good results on their sheets is
Emigration A1
Recession A1
Poverty A1
Hunger A1

I get saddened when I still see people in sparogative support of this failed government.

Nigerians deserve better!

I think God knew it would be this tough in Nigeria, maybe that was why he placed the most resilient people in the world on this our side of the Niger.

23 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by money121(m): 12:55pm On Dec 15, 2020
Ok
Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by jeff1607(m): 12:55pm On Dec 15, 2020
Kaduna1stson:
These firms should stop playing bad belle politics and face their manufacturing.

Why should they be complaining about exchange rates when we don't use dollar as means of local exchange.

This is only an attempt to frustrate a northern president.

How do they purchase raw materials?

16 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by MrNipplesLover(m): 12:55pm On Dec 15, 2020
more Olosho and internet fraudsters to spring up in 2021.


inside life.

17 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by olaboy33(m): 12:57pm On Dec 15, 2020
ijustdey:


Also, the association pointed out that the country’s business environment is becoming more hostile and unbearable due to escalating exchange rates, forex scarcity, COVID-19, multiple taxes and border closure


https://www.newtelegraphng.com/man-more-firms-to-shut-down-in-2021/
.

Majority of these causes are foolishly caused by the clueless presidency.

5 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by unity004(m): 12:57pm On Dec 15, 2020
grin before this Fulani regime finish comes 2023, Nigeria might have turned to countries like Niger Republic, Chad or Somalia or even Afghanistan where the only manufacturing firms left will be those manufacturing weapons but by then I for done cross Sahara desert for Europe.

9 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Kennyfancy(m): 12:58pm On Dec 15, 2020
Buhari

3 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by pickatyouu: 12:59pm On Dec 15, 2020
No be naija we dey.
A lot of things are going wrong.

1 Like

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by 001spice: 12:59pm On Dec 15, 2020
Even heaven will rejoice the day u finally get sense
Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by arantess: 1:01pm On Dec 15, 2020
Kaduna1stson:
These firms should stop playing bad belle politics and face their manufacturing.

Why should they be complaining about exchange rates when we don't use dollar as means of local exchange.

This is only an attempt to frustrate a northern president.
Iti boribo

9 Likes 2 Shares

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Righteousness89(m): 1:01pm On Dec 15, 2020
It's not about Nigeria!
It's not about Africa!
It's about the times and Seasons we find ourselves!

I Have said it over ! The times ahead are gonna be full of terrible Uncertainties!

2021 will be put Men, industries and Nations in Fear!!

Those who will Survive these times are those who Trust in the The GOD of Heaven and Earth!

Money will fail men!
Technology will Fail men!
We are in the Season of RAPTURE!

Before GOD takes out His People! HE Shakes the Earth!

3 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by unity004(m): 1:02pm On Dec 15, 2020
grin[quote author=Kaduna1stson post=97086These firms should stop playing bad belle politics and face their manufacturing.

Why should they be complaining about exchange rates when we don't use dollar as means of local exchange.

[/quote] stop displaying your ignorance in public. I just wonder why most northerns are created with faulty brains so disgusting

5 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Olamyyde(m): 1:02pm On Dec 15, 2020
Kaduna1stson:
These firms should stop playing bad belle politics and face their manufacturing.

Why should they be complaining about exchange rates when we don't use dollar as means of local exchange.

This is only an attempt to frustrate a northern president.
Chai!

Even a primary school graduate can never be this dull. Change your name to KADUNA1STMUMU.

18 Likes 1 Share

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Nobody: 1:02pm On Dec 15, 2020
VictoryAssured:
Buhari has killed and buried Nigeria. The country will only resurrect if capable hands take over 2023.
NIGERIANS brought him in to KILL Nigeria.
After all, he lost many times before he was eventually called and given the mantle of leadership.
I wish he can run for 3rd Tenure.
May be I will consider him

2 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by unity004(m): 1:03pm On Dec 15, 2020
Kaduna1stson:
These firms should stop playing bad belle politics and face their manufacturing.

Why should they be complaining about exchange rates when we don't use dollar as means of local exchange.

This is only an attempt to frustrate a northern president.
grin fools like you are the reason we are in this mess today. people like you should be in a hideout somewhere in kaduna or kastina guiding kidnapped victims. what are you doing on nairaland?

14 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by GIANTPLUSHUB: 1:03pm On Dec 15, 2020
Mheen
Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Nobody: 1:04pm On Dec 15, 2020
The educated folks will tell you to apply free market text book theories of free floating the Forex cheesy to get the true value of the Naira grin

We are now at 475 and everything is already crumbling, imagine a free float at 600 or more.
Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Sirdan247(m): 1:04pm On Dec 15, 2020
E be things
Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by cassyrooy(m): 1:05pm On Dec 15, 2020
Kaduna1stson:
These firms should stop playing bad belle politics and face their manufacturing.

Why should they be complaining about exchange rates when we don't use dollar as means of local exchange.

This is only an attempt to frustrate a northern president.
It will take the grace of God before you get sense. You're not human, not even related to it's Neanderthal ancestors.

10 Likes

Re: More Firms To Shut Down In 2021 - Manufacturers Association Of Nigeria (MAN) by Sirdan247(m): 1:05pm On Dec 15, 2020
Kaduna1stson:
These firms should stop playing bad belle politics and face their manufacturing.

Why should they be complaining about exchange rates when we don't use dollar as means of local exchange.

This is only an attempt to frustrate a northern president.
Nigga, are you for real
You need brain check ASAP

9 Likes

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