Manufacturers Decry Loss of N1.86bn in Three Months

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  • Manufacturers Decry Loss of N1.86bn in Three Months

The Chairman, Manufacturers Association of Nigeria, Kwara and Kogi chapter, Alhaji Yusuf Kamaldeen, has said that it is sad that some companies recorded a total loss of N1.86bn between January and March 2016.

He identified the companies to include Nestle Nigeria Plc, Nigeria Breweries Plc, Dangote Cement Plc, and Lafarge Africa.

He spoke on Thursday during the stakeholders’ sensitisation programme of the branch in Ilorin, the Kwara State capital.

Decrying job losses as a result of poor industrial and marketing outlook, he identified epileptic and inefficient power supply as well high interest rate, policy summersault and lack of access to capital as major challenges affecting manufacturing in the country.

A lecturer at the Al-Hikama University, Dr. Aderemi Medupin, urged manufacturers to brace for the challenges and remain undaunted.

He spoke on the topic ‘Economic recession and its impact on enterprises, investments in the subsector in Nigeria.’

Medupin urged manufacturers to identify investment areas even in recession, adding that they should take advantage of available opportunities during recession to expand their business to other sectors.

Meanwhile, a farmer, Alhaji Olola Kasum, addressing Maaro Basin Farmers Cooperative Society in Ganmo, Kwara State urged farmers in the country to increase their investment in agriculture to increase productivity and boost national food security and economic development.

He advised them to use modern farming methods, implements and technology to enhance agricultural production.

He spoke during a sensitisation programme for farmers and cooperative members.

He called on the federal and Kwara State governments to make agricultural inputs such as improved seedlings and fertilizers as well as tractors available to farmers.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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