The Manufacturers Association of Nigeria (MAN), has said that no fewer than Four Hundred and Fifteen companies in Nigeria, have been shut down in the last one year, owing to the depreciating value of Naira to hard currencies as a result of Covid-19 Pandemic.
The association said the account of foreign exchange restriction by the Central Bank of Nigeria has also played a big role in this regard.
He said association would be more focused on creating resilience in the next 50years
‘‘We want to boost our capacity so that in spite of all these debilitating factors surrounding us, we should be able to thrive as a sector.We have made some progress in terms of manufacturing; it has not all been tales of woes.”
The MAN boss said he was looking forward to legislation on the patronage of made-in-Nigeria products.