Naira Scarcity Negatively Impacts Business Activities in Nigeria

The Manufacturers Association of Nigeria (MAN) has expressed its concerns over the current scarcity of naira notes and its negative impact on business activities in the country.

The association’s President, Otunba Francis Meshioye, raised these concerns during an interaction with journalists in Lagos on Tuesday.

Meshioye said that the current scarcity of naira notes and the pressure it has put on transactions have disrupted the proper flow of goods, negatively affecting the free flow of goods in the market. He added that the scarcity has made it difficult for producers to get the essential funds required for business operations.

The MAN president further stated that the scarcity of naira notes has led to a shortage of funds for transactions, making it difficult for businesses to pay their suppliers and complete their transactions.

He added that even electronic banking has been affected as some online transactions cannot be completed due to the scarcity of naira notes.

Meshioye also stated that the fuel scarcity in the country has worsened the energy crisis faced by manufacturers and has made it difficult to determine the prices of goods.

He said that the prices of goods fluctuate daily, and this makes it difficult for manufacturers to plan their budgets effectively.

The president of MAN further revealed that the association has engaged with presidential aspirants to discuss their plans for the manufacturing sector in the country.

He said that MAN has provided all political parties with its Blueprint for the Accelerated Development of Manufacturing in Nigeria, as well as the agenda for manufacturing in Nigeria for the next ten years.