The Manufacturers Association of Nigeria (MAN) has declared that the current economic problem Nigeria was going through will not end in 2017. Dr. Frank Jacobs who is the president of MAN said
this in Abuja on Wednesday, November 16. Said the government must ensure that the concessionary forex allocation to the manufacturing sector was effectively implemented so as to boost it. Jacob also suggested that more development banks be established to encourage investment by providing funding for manufacturers.
He said: “One cannot say for sure that the recession will be over in 2017. “Manufacturers are now patronising the parallel market for their Forex requirements but this is at a very high exchange rate. “Unfortunately, after production, consumers may not be able to purchase such products, which may lead to the closure of some of the factories. “I have not seen anything to suggest that, at least not from the perspectives of the manufacturing sector.” “It appears that the Forex situation in the country had not improved”. The MAN president said that the price of oil in the international market coupled with the activities of militants in the Niger Delta region means no respite seems near.
Experts had predicted that 2017 would be a tougher year due to continued rise in inflation and that the economy might not recover until 2018.