COVID-19 Pandemic: Investments In Manufacturing Sector Records Sharp Decline – Survey
The COVID-19 pandemic has caused a sharp decline on investments in the manufacturing sector, a survey from the Manufacturers Association of Nigeria has revealed.
This according to the survey, shows that manufacturing performance was dismal as the index fell below the 50 points benchmarks for the first time since the first edition of the report which was published in 2019. “Volume of production being a twin component also revealed a massive decline as 86 percent of CEOs interviewed reported decline in production volume on account of this pandemic.
The manufacturers’ recommendations include; “a state of emergency in the manufacturing sector of Nigeria in order to be acquainted with the status of the sector and craft strategies for quick recovery backed with sustainable stimulus packages.“the government should establish a special bailout fund for the manufacturing sector with set deliverables on the number of jobs to be created, the volume of export, quantum of locally raw materials utilized and projected revenue.
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