The Manufacturing Association of Nigeria (MAN) has reported a concerning trend within the industry, revealing that about 767 manufacturing companies shut down operations while 335 experienced distress in 2023.
This development is attributed to various economic difficulties, including exchange rate volatility, rising inflation, and a general worsening of the investment climate.
These adversities have taken a toll on the manufacturing sector, significantly impacting its performance and sustainability.
MAN’s revelations came alongside its criticism of the Federal Government’s newly introduced Expatriate Employment Levy (EEL), which the association argues contradicts the objectives laid out in President Bola Tinubu’s Renewed Hope Agenda and the core principles of his Fiscal Policy and Tax Reform initiative.
The imposition of this levy is seen as a counterproductive measure that could exacerbate the already challenging conditions for manufacturers in Nigeria.
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