In a reflection over the growth trajectory of the manufacturing sector in Nigeria, the Manufacturers Association of Nigeria has said that the unrelenting increase in production costs is posing a serious threat to companies.
The Manufacturers Association of Nigeria has said that the unrelenting increase in production costs is posing a serious threat to the existence of the manufacturing sector.
The president of MAN, Francis Meshioye made this disclosure in a statement during the association’s pre-Annual General Meeting press conference held in Lagos. Meshioye, while addressing the press conference said this year’s theme was couched with a deep reflection over the growth trajectory of the manufacturing sector in Nigeria and Africa.
Speaking further, Meshioye noted that such challenges as epileptic power supply, insecurity, inadequate infrastructure, shortage of forex and naira depreciation are prevailing issues that are impacting negatively on the sector.
He added that such challenges as epileptic power supply, insecurity, inadequate infrastructure, shortage of forex and naira depreciation are prevailing issues that are impacting negatively on the sector.
Still On Business
Microsoft Corporation has announced its commitment to empowering ten million small and medium enterprises by 2025.
The President of Microsoft Africa, Lillian Barnard, revealed this during a press conference in Lagos while unveiling a five-year strategic partnership with Flutterwave.
According to Barnard, Microsoft plans to equip SMEs with essential tools, infrastructure, and scaling support, facilitating their growth and fostering strategic collaboration.
She further noted that fintechs are helping SMEs and the informal sector, which creates a bulk of employment as they provide seven out of 10 jobs in the country and contribute about 40 per cent to the Gross Domestic Product of any economy.
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