Energy Cost: Manufacturers in Nigeria threaten to shutdown production

The Manufacturers Association of Nigeria has warned that a shutdown of manufacturing activities is imminent if nothing is done to address the soaring cost of energy across the country.

Not only has the price of Premium Motor Spirit risen, the product is also scarce.

In additiin to that, diesel prices have more than doubled while the price of gas continues to rise.

According to a statement by the Director-General of the association, Segun Ajayi-Kadiri, over the years, the manufacturing sector has been battered by numerous challenges which have reduced the number of industries in Nigeria and converted industrial hubs in many parts of the country to warehouses of imported goods and event centres.

MAN also asked for a policy that would urgently allow companies and airlines to import diesel and aviation fuel respectively from the Republic of Niger and Chad.

MAN said by immediately opening up border posts in that axis for this purpose, the effect of high diesel and aviation fuel prices would be cushioned on the economy.

Punch/Hauwa Abu