Vanguard News

800 firms closed shop in 2 years – Chamber of Commerce

alexsamade alexsamade
7 years ago

Asaba – The Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA) has said that no fewer than 800 companies in Nigeria closed shop between 2009 and 2011 due to harsh operating business environment.

Dr Herbert Ajayi, President of NACCIMA, gave the figure on Tuesday in Asaba in a paper he presented at a zonal workshop on economic diversification organised by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).


Ajayi said that more than half of the “surviving” firms had been classified as “ailing’’, a situation, he said, posed a great threat to the survival of the manufacturing industry.

He added that capacity utilisation in industries hovered around 30 per cent and 45 per cent on the average, with 100 per cent overhead costs.

He blamed the continued decline in the manufacturing sectors on “political and economic factors’’, citing poor infrastructure and epileptic power supply as key impediments to the industry.

“The manufacturing industry as a whole operates on more than 70 per cent of energy it generates; using generators and operating these generators greatly increases the cost of manufacturing goods,’’ he said.

The industrialist gave other reasons for the woes in the sector as incessant increase in the price of petroleum products used by industries, multiple taxation, unabated smuggling and inadequate access to finance, both local and abroad.

According to him, widespread insecurity and the inability of government agencies in the ports to meet its 24-hour target for cargo clearance have contributed to the dwindling fortunes in the manufacturing sector.

The NACCIMA president, whose speech was delivered by Mrs Mary Iyasere, Vice President of the association, described current government policies to revive the manufacturing industry as inadequate

https://www.vanguardngr.com/2012/09/800-nigerian-companies-sank-in-2-years-chamber-of-commerce/amp/

Pdp is a doomed party

They keep saying out economy is going Dow

They wrecked it

Never again will affliction rise for the second time

Awon oloriburuku somebody

The useless and miserable Poverty Development Party made 800 firms to pack up!

Wetin con remain? Dem for kuku close Nigeria gabadaya make everybody find their level

Sirjamo:
Awon oloriburuku somebody

The useless and miserable Poverty Development Party made 800 firms to pack up!

Wetin con remain? Dem for kuku close Nigeria gabadaya make everybody find their level

Pdp is a doomed party that should not be allowed to run even a local government

All PDP did while in power for 16years was to loot and loot. The worse was looting the sense of reasoning of most of their dead brain e wailers

APC the Devil's own party has never recorded anything positive.

It's always about the worst negative indices on the nation.

It's fruits are there for all to see ;
Bloodbath
Violence
Joblessness from poor economic management
Bullion vans standard of looting per APC person
Spiritual darkness
Deaths as cheap as pure water
Cluelessness
Continuous evil in the land
Election riggers
Deceivers
Hypocrites
Covert jihadists
Terrorists and banditry
Nepotism
Fulanisation of the federal system
Ineptitude
Daylight Robbers of the treasury

APC will never admit responsibilities..even if the rule naija 50 years they will find a way to blame it on PDP.

Evil party full of propaganda.

Desperate and diversionary...pure lies and hooliganism..home of hardcore criminals.

Four years don pass....APC no get anything to point as ..as wetin dey achieve.. nothing..not even the so call rail road..or the louded Lagos ibadan express way..

Nothing..

This next level ..if I hear say APC start a project or complete one project them start from last tenure..make I bend..

They're there just for power.. looting.. killing.. religious fanatic.

Observe this government..if your in doubt.

And funny they've got lots of stolen cash to carry out their propaganda through their dirty online fools that are being payed .


Explain why the Dullard president can comfortably and convincingly said that our youths are lazy.

He pays Dem meagry ..and he knows better.

Stupid government

[s]

Afamed:
All PDP did while in power for 16years was to loot and loot. The worse was looting the sense of reasoning of most of their dead brain e wailers

[/s]
Tinubu is a bastard drug dealing vagabond

sarrki:
Pdp is a doomed party

They keep saying out economy is going Dow

They wrecked it

Never again will affliction rise for the second time

Smart by half....

This was the capital market crash, beyond individual control, when shares became tissue paper and banks merged as a result of shares used to back up huge loans could no longer hold.

Major coys affected were finance houses etc.

How come Nigeria never dipped into reccession then?

Amazing

2011 news


Is that a justification