The Lagos Chamber of Commerce and Industry has raised concerns about the significant influx of loans and bonds into the manufacturing sector during the first half of the year.
The Chamber noted in a statement that this situation reflects the challenges facing the manufacturing sector and the need to meet short-term obligations and slowing business activities.
The National Bureau of Statistics reported an Eighty eight percent increase in capital inflow into the manufacturing sector in the first half of 2023 at over eight hundred million dollars compared to four hundred and fifty seven million dollars in the first half of 2022.
According to the Director-General of LCCI, Dr Chinyere Almona, stated that the Inflow in 2023 first half is expected to impact the manufacturing sector, particularly firms militating against current challenges.
According to Almona, the “Inflow in H1 2023 is expected to impact the manufacturing sector, particularly firms mitigating against current challenges, meeting short-term obligations, and falling consumer demand.”