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
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.”
Faith
Court orders three-month wait for divorcee before entering new relationship
The woman had filed a divorce petition against Mr Adamu on grounds of neglect while demanding custody of their child.
World
Lebanese PM vows to secure full Israeli withdrawal
Mr Salam called the latest development “a national moment with significant political and moral dimensions” during a visit to the southern town of Zawtar al-Gharbiyah.
Education
Bayelsa education fund trains 100 teachers on reading, phonics
One hundred teachers in Bayelsa are currently undergoing a three-day training on imparting reading skills, structured phonics and literacy.
States
Kaduna woman remanded in prison custody for alleged drug trafficking
The Federal High Court, Kaduna Division, on Wednesday, ordered the remand of a 26-year-old woman in prison custody for possessing 26kg of cannabis.
States
Police say abduction of four Nasarawa residents foiled in Akwanga
The police command in Nasarawa says it has foiled the abduction of four residents of the Andaha community of the Akwanga council area.
States
Gunmen invade Aboki village in Kwara, five people killed
The armed men “kidnapped a young man, Alhaji Tukur, in my area who was their target”, a source told The Gazette.
