Saturday, April 17African Business News
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Industry

Cautious optimism trails manufacturing investment prospects

Cautious optimism trails manufacturing investment prospects

Industry
The impact of the coronavirus, insecurity and governance issues may have significantly impacted manufacturing activities within the country, as investments in the sector dropped by 76.11 per cent in 2020 to N118.52 billion from N496.11 billion achieved in 2019. According to the Manufacturers Association of Nigeria (MAN) in its executive summary of the economic review of the second half of 2020, the decline in investment is mainly attributed to the depressing effects of COVID-19. Indeed, a vast majority of Nigerian manufacturers rely on several raw materials from China and Europe. Apart from the fact that the ability to get supplies was significantly disrupted by the pandemic, the scarcity of foreign exchange and low demand due to the significantly reduced purchasing power of many...