There are strong indications that more manufacturing companies and businesses in Nigeria may shut down following the energy crisis which has now pushed diesel price to over N1,100 per litre.
This is even as stakeholders have continued to express deep concerns that without urgent actions, including halting taxes on petroleum products, job losses and revenue declines from the sector could severely impact the nation’s economic growth and its expected contributions to Gross Domestic Product .
The Manufacturers Association of Nigeria’s Confidence Index for the second quarter of the year identified high cost of energy as the foremost challenge facing manufacturing in the country. The manufacturers spent N129 billion in 2016, N117.38 billion in 2017, N93.11 billion in 2018, N61.38 billion in 2019, N81.91 billion in 2020, N71.22 billion in 2021 and N144.3 billion in 2022.
Director for the Centre for the Promotion of Private Enterprise , Muda Yusuf said the implications of the increase in the pump price of diesel would result in increased production costs for industries.
Source: News Formal (newsformal.com)
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