Though production level continued to grow as well as new orders, rising inventory as indicated by the Manufacturers Association of Nigeria (MAN), may be responsible for the slower movement of the nation’s Purchasing Managers’ Index (PMI) last month.
While some sub-sectors in the manufacturing industry are beginning to witness a turnaround in their fortunes owing to significant improvement in access to foreign exchange for purchase of raw materials, as well as allocation based on priority demands, others are struggling with rising inventory.
Worried about the slow implementation of the budget, occasioned by rift between the executive and legislative arms of government, local manufacturers have warned on impending economic crisis that may arise from inertia in policy implementation.
With generated power insufficient to meet demands of local producers, manufacturers in the country have generated at least 13,000MW of electricity under its Independent Power Projects (IPPs) and micro grid platforms to meet their operational demands.
Nigeria's’ possibility of ratifying the free trade agreement –African Continental Free Trade Area (AfCFTA) - before the end of the 180 days deadline set by African Union (AU) member-countries, after the deal was signed on March 21, may suffer another setback as local manufacturers have dissociated themselves from the outcome of the consultations being presented…