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Manufacturers slash investment by 56% amid shutdowns

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Nigerian manufacturers have slashed their investments by 56 per cent in seven years, reflecting a sector buffeted on all sides by a cacophony of poor policies and economic headwinds.

Between 2016 and 2021, manufacturers’ investments tumbled from N489.44 billion to N217.22 billion, according to data collected by the Manufacturers Association of Nigeria but analysed by“How many companies in our sector are still in operation? Wempco has shut down; WAHUM is struggling, and the rest are just there.

But the responses of Nigeria’s federal and state governments to issues of economy have been poor, according to analysts. Insecurity has worsened over the period and foreign exchange crisis has reached its crescendo, with naira-to-dollar exchange rate rising from N197/$ to N425 in the official market over the period – signaling 54 per cent naira depreciation.

 

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What Buhari's lack of patriotism and economic illiteracy did to Nigeria is a book to be written some day.

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