By Industrial Digest
CEOs of manufacturing concerns in Nigeria have requested Central Bank of Nigeria (CBN) to extend its N1.1 trillion COVID-19 Stimulus packages to manufacturers not covered by existing CBN initiatives.
400 CEOs who made the plea to the apex bank, said that the extension of the palliative would help to minimize the losses of manufacturing concerns, particularly the sub-sectors that could not operate on account of the lockdown, facilitate quick resumption of full post lockdown manufacturing activities and improve contribution to the Gross Domestic Product (GDP).
In the report nested in MAN CEOS Confidence Index (MCCI) First Quarter 2020, they lamented:
“The outbreak of COVID-19 pandemic is like applying salt on an ever-fresh wound, which unfortunately has now left manufacturing in a battered state, wailing and struggling for breath to stay afloat.”
They said : “An observation of the Indexes of the 14 industrial zones of the Association shows that the zonal Index fell below the benchmark 50 points.
“Thus, confirming the need for holistic stimulus packages to be extended to manufacturers by the Government.”
The Index for Imo/Abia fell to 46 points in Q1 2020 from 50.4 points recorded in Q4 2019; Edo/Delta zone reduced to 41.5 points in Q1 2020 from 47.5 points of Q4 2019;
Oyo/Ondo/Ekiti/Osun Industrial zone fell to 44.3 points in Q1 2020 from 56 points of Q4 2019, while Kano fell to 47.5 points in Q1 2020 from 65.4 points recorded in Q4 2019. In Kaduna, the index reduced to 46.4 points in Q1 2020 from 64.3 points recorded in Q4 2019.
In Ogun zone MCCI decreased to 46 points in Q1 2020 from 58.7 points recorded in the preceding quarter.
Apapa zone also fell to 50.7 points in Q1 2020 (although marginally above the 50 points benchmark) from 52.5 points. Ikeja zone, the industrial hub of the nation fell to 44.1 points in Q1 2020 from 46.1 points of Q4 2019; points recorded in Q4 2019;
Anambra/Enugu decreased to 36.5 points in Q1 2020 from 39 points of Q4 2019; Bauchi/Benue/Plateau zone fell to 46.1 points in Q1 2020 from 49.6 points of recorded in Q4 2019; rivers industrial zone fell to 42.7 points in Q1 2020 from 44.4 points recorded in the preceding quarter;
Abuja also fell to 43.4 points in Q1 2020 from 48.7 points recorded in Q4 2019; Kwara/Kogi also declined to 44.5 points in Q1 2020 from 52 points recorded in Q4 2019.
“Considering the peculiarities of the industrial zones, it is imperative and urgent for Federal and State Governments to support industrial zones across the nation with appropriate palliative measures that would enable them hit the ground running with enormous production activities during the post lockdown period.,” said the CEOs.