The Manufacturers Association of Nigeria (MAN) says the current scarcity of naira notes has disrupted business activities by hindering the proper flow of goods. President Otunba Francis Meshioye made the observation on Tuesday during a press interaction in Lagos. He explained that the cash crunch has especially affected online transactions, noting that “even if you want to do e‑banking, there are some things you cannot do at the moment. We have problems; PoS is not working.” Meshioye warned that any shortage of an essential consumer item inevitably impacts producers, leading to stockpiling, trapped cash, high interest rates and poor returns on investment. “No investor wants to play with his money,” he said, describing the situation as a major economic issue that places manufacturers in a critical period.
Meshioye also highlighted the lingering fuel scarcity, which has intensified the energy crisis for manufacturers and made pricing unpredictable. “We cannot budget effectively; we have to use a flex budget and review it every month,” he explained. Because exchange‑rate fluctuations can cause prices to swing dramatically from one day to the next, firms cannot set stable prices.
Regarding the association’s engagement with presidential aspirants, Meshioye said MAN is strategically using this election year to bring its concerns to the forefront. The association has discussed the need for a robust, competitive manufacturing sector with major political contenders and has provided all parties with its “Blueprint for the Accelerated Development of Manufacturing in Nigeria” as well as a ten‑year agenda for the sector.
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