Manufacturers In Pains, Cry Out To FG For Help

Manufacturing

 

“This pandemic disrupted the global supply chain, caused a massive slowdown in the international trade and in our case worsened the already fragile economy. The consequence of this development was that sectoral groups ran short of supplies of raw materials due to disruptions in the global value chain and many still cannot access forex.”

Manufacturers in Nigeria, who are currently down with pains inflicted on them by the impact of COVID-19 scourge, cried out on Thursday, in Lagos, to the Federal Government of Nigeria for rescue.

In a press interactive session at the Manufacturing Association of Nigeria’s (MAN) headquarters in Ikeja, Lagos, Mansur Ahmed, the association’s president, said the pandemic disrupted the global supply chain, caused a massive slowdown in the international trade “and in our case worsened the already fragile economy”. The consequence of this development he said was that sectoral groups ran short of supplies of raw materials due to disruptions in the global value chain and many still cannot access forex.

He argued that “this year marks a turning point not only in the economy but also in the day to day activities in our respective lives, adding “as you already know, countries including Nigeria are experiencing the adverse effect of COVID-19 pandemic which is negatively impacting the world economy and the way we do things”.

He added: “MAN is aware of the unprecedented trauma that this pandemic has unleashed on human lives, businesses, health systems, institutions and economies around the world…

From all indication, it is clear that Nigeria was not immune to this challenging time as the world manufacturing also experienced inconsistency in production growth indicating an overall economic slowdown, which resulted in job losses, decline in consumer demand and a general deterioration in living standard.”

Mansur Ahmed explained: “So far in 2020, the performance of the economy has been fragile and slowly sliding into recession. Our Economic outlook for the first quarter 2020 found maximum expression in the actual performance of economic indicators, as economic activity in the year was disrupted by the spiral effects of the pandemic.

“This pandemic disrupted the global supply chain, caused a massive slowdown in the international trade and in our case, worsened the already fragile economy. The consequence of this development was that sectoral groups ran short of supplies of raw materials due to disruptions in the global value chain and many still cannot access forex. The global price of crude oil also crashed leaving the country with no choice than to review downward its expenditure plan for the year.

“The manufacturing sector performance that was expected to be strong having recorded an impressive performance in the 4th quarter of 2019 on account of border closure suffered a huge setback.  In the same vein, inflationary pressure remains a source of concern as COVID-19 disrupted the demand and supply side of the global economy.”

Source: Realsectornow

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