767 manufacturing companies shut down in 2023: MAN
The Manufacturers Association of Nigeria has said 767 companies shut down and 335 became distressed in 2023.
The association also faulted President Bola Tinubu’s introduction of Expatriate Employment Levy.
“The manufacturing sector is already beset with multidimensional challenges,” MAN said in a statement on Wednesday. “In 2023, 335 manufacturing companies became distressed and 767 shut down.”
MAN said that the expatriate levy introduced by Mr Tinubu would further increase cost of doing business, adding that the “Levy could have far-reaching implications for the Nigerian economy and potentially exert pressure on national currency.”
“The imposition of EEL poses a potential impact on the manufacturing sector and the economy at large. This will in turn mark an unwarranted and unprecedented addition to the cost of doing business in Nigeria, especially to manufacturers. If not reversed, it might expose the Federal Government to a plethora of lawsuits that would distract the government from the task of salvaging the current dire situation of our economy.”
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