Over 20 factories shut down as currency crisis worsens

More than 20 factories have halted production activities in the last five years after several failed efforts to purchase dollars from commercial banks at the official rate to order raw materials, machines and spare parts from Asia and Europe.

About 48% of raw materials are imported into Nigeria by manufacturers in 77 sub-sectors of the economy, according to data from the Manufacturers Association of Nigeria (MAN).

Source link

Leave a Reply

Your email address will not be published.