* This should not happen – LCCI
“Federal Government of Nigeria plans to expand excise duty rates to essential products like soap and detergent; toilet papers, facial tissue, and Spaghetti/Noodles”
“This should not happen. It would hurt the economy, lead to escalation of inflation and invariably hurt the consumers,” warn Lagos Chamber of Commerce and Industry, LCCI.
In its Economic and Business Review in 2018 and outlook in 2019, Muda Yusuf, Director -General of LCCI, said the industrial sector also witnessed “Poor patronage of Made-in-Nigeria products, high inventory build up thereby forcing manufacturers to reduce volume of production.”
Other challenges that affected operators were “Overlap and Harassment of manufacturing companies by the regulatory/monitoring agencies at FG & State levels with overlapping functions.
“Rising wave of fake and substandard products in the market.
“Challenges of electricity and high cost of Gas.
“Gas suppliers in Ota forcing manufacturers to pay in dollars, this is translating in high cost of input for the manufacturing companies.”