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.”
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Man arrested over defilement of 13-year-old girl in Kwara
Mr Ayoola added that a medical examination conducted on the victim indicated a history of sexual abuse.
NationWide
INEC urged to rebuild public confidence ahead of 2027 polls
Mr Oscar also reiterated the need for the judiciary to rekindle public trust as the last hope of ordinary people.
Heading 4
U.S. pastor convicted of child exploitation of underage boy
Mr Jackson entered his guilty plea before District Judge Joel H. Slomsky.
NationWide
Minister restates Nigeria’s commitment to safe, sustainable global shipping
The five-day meeting was held at the IMO headquarters.
Africa
Sudan retaliates as Ethiopia shuts consulate
Addis Ababa denied it supported the RSF in Sudan’s civil war.
Politics
Court’s reckless ruling against ADC aimed at ensuring Tinubu wins unopposed: Kenneth Okonkwo
Mr Okonkwo said Mr Lifu’s judgement on Wednesday came on the heels of the successful Sokoto State flag-off rally of the ADC, which sent shock waves to the APC.
