The Manufacturers Association of Nigeria (MAN) has expressed concern over the high cost of fund available for the manufacturing sector, noting that the precarious state poses threat as more jobs would be lost if nothing is done to address the situation in the country.
The president, MAN, Dr. Frank Jacobs, explained that the sector is going through a very difficult time, pointing out most manufacturers still have to depend on imports for their vital raw materials for production.
The MAN boss who was represented by the vice president, MAN, Mr. Isaac Agoye, at a business luncheon organised by the MAN Ikeja branch, tagged: Manufacturing in a Depressed Economy: The Way Forward said: ”We are going through a very difficult time and there has been a lot downsizing our work force, we are not happy downsizing our workforce but once things are beyond our control. Most of the manufacturers still import most of its vital raw materials into the country. We are trying to look inward to get some of our raw materials, but it is still not enough and even if we get them locally, they are expensive than the local ones.”