May 27, 2024

MAN Proposes Drastic Measures to Combat Escalating Prices

 

By: Emmanuel Ibitoye

 

Amidst the relentless surge in product prices, the Manufacturers Association of Nigeria (MAN) contends that a viable solution must address the underlying challenge of soaring production costs. Speaking at a recent media parley, the Director-General of MAN, Segun Ajayi-Kadir, underscored the pressing need for cost-cutting measures to curb the persistent escalation in prices.

 

Ajayi-Kadir voiced concern over the capricious fluctuations in import duty assessments, pointing out the adverse impact on manufacturers. He urged the government to consider stabilizing the exchange rate for imported raw materials, emphasizing that the prevailing economic conditions were burdening manufacturers with exorbitant production costs.

 

Expressing dismay over erratic power supply, Ajayi-Kadir highlighted the escalating prices of alternative energy sources, rendering them unaffordable and unsustainable for manufacturers. He warned that the rising cost of production could jeopardize the competitiveness of local industries.

 

The MAN DG emphasized the critical role manufacturers play in international trade and urged concerted efforts to intentionally lower the cost of doing business. He stressed that reducing production costs would not only enhance domestic competitiveness but also bolster the country’s economic resilience.

 

As Nigeria grapples with a cost-of-living crisis, characterized by record-high product prices, MAN’s proposal seeks to address the root causes of the economic challenges, advocating for strategic measures to rejuvenate the manufacturing sector and mitigate the impact on consumers.

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