-by our correspondent.
The Manufacturers Association of Nigeria (MAN) has reported increase in cost of manufacturing production and distribution expenses due to harsh macroeconomic environment.
The MAN CEOs Confidence Index (MCCI) Report for the second quarter of 2021, released to the media recently, indicates that about 80 percent of manufacturers in the country complained about the worsening macroeconomic environment which has increased their cost of production and distribution in the quarter.
The MCCI is an guide created by the Manufacturers Association to gauge the change in quarterly pulsation of manufacturing activities to changes in the macroeconomic ambiance and Government policies
The Manufacturers blamed; persistent degeneration in the Naira exchange rate, which fed into prices of raw-materials and other manufacturing inputs; increased fuel pump prices and the apathy in the development of raw-materials locally for the increased cost of manufacturing production and transportation logistics expenditures in the period under review.
Consequently, MAN is calling on the Federal Government to reviews its foreign exchange management procedures to ensure that all available forex are productively deployed in the economy.
“Government should also ensure that adequate forex is allocated to the manufacturing sector through a preferential arrangement to enable the sector procure raw-materials and machinery that are not produced in the county at the moment.” The Manufacturers warned.