Against the back drop of the ongoing economic recession in the country, the Manufacturers Association of Nigeria (MAN) has declared that the situation will not end in 2017.
MAN President Dr. Frank Jacobs, said this in Abuja on Wednesday where he advised that the government see to it that the concessionary foreign exchange allocation to the manufacturing sector was implemented effectively in order to boost productivity.
He further suggested the establishment of more development banks in order to encourage investment by providing funding for manufacturers.
“One cannot say for sure that the recession will be over in 2017. Manufacturers are now patronising the parallel market for their Forex requirements but this is at a very high exchange rate.
“Unfortunately, after production, consumers may not be able to purchase such products, which may lead to the closure of some of the factories. “I have not seen anything to suggest that, at least not from the perspectives of the manufacturing sector.
“It appears that the Forex situation in the country had not improved”.
Judging by the activities of militants in the Niger Delta region and the price of oil in the international market, the MAN president argued that relief was not in sight.
Meanwhile, the Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, had assured Nigerians that they will start seeing the effort of President Muhammdu Buhari from the end of this year and early next year.
The Minister said the Buhari-led administration will surprise Nigerians in the coming year, stressing that the government is working to end the current economic recession ravaging the country.
However, experts’ prediction reveals that 2017 would be a tougher year due to continued rise in inflation and dwindling oil revenues.