prices explain a high impact on the headline inflation. Cost of production due to rising fuel prices, forex scarcity, and supply chain disruptions may remain in the short term if these factors are not cushioned.
“The manufacturing sector has been struggling, particularly in the past four quarters, from deteriorating infrastructure, high regulatory compliance cost and tax obligations. “So, rising and high inflation, perennially high interest rates and scarce/high rate of forex has compounded the downturn in the sector in terms of the envisaged recovery.”
The MAN DG advised government to intensify efforts at stabilising the consumer price level through growth in agricultural output and diversification of the Nigerian economy in order to guarantee stable prices in both agricultural and manufactured goods.