The Chairman, Manufacturers Association of Nigeria, Kwara and Kogi chapter, Alhaji Yusuf Kamaldeen, has discloed that some companies recorded a total loss of N1.86bn between January and March 2016.
This was revealed during the stakeholders’ sensitisation programme of the branch in Ilorin, the Kwara State capital, on Thurday, as he pointed the companies to include Nestle Nigeria Plc, Nigeria Breweries Plc, Dangote Cement Plc, and Lafarge Africa. He spoke on Thursday
during.
Decrying job losses as a result of poor industrial and marketing outlook, he identified epileptic and inefficient power supply as well high interest rate, policy summersault and lack of access to capital as major challenges affecting manufacturing in the country.
A lecturer at the Al-Hikama University, Dr. Aderemi Medupin, urged
manufacturers to brace for the challenges and remain undaunted, and to
identify investment areas even in recession, adding that they should
take advantage of available opportunities during recession to expand
their business to other sectors.
He spoke on the topic �?Economic recession and its impact on
enterprises, investments in the subsector in Nigeria.’
Meanwhile, a farmer, Alhaji Olola Kasum, addressing Maaro Basin
Farmers Cooperative Society in Ganmo, Kwara State urged farmers in the
country to increase their investment in agriculture to increase
productivity and boost national food security and economic
development.
However, he advised them to use modern farming methods, implements and
technology to enhance agricultural production, and called on the
federal and Kwara State governments to make agricultural inputs such
as improved seedlings and fertilizers as well as tractors available to
farmers.
He spoke during a sensitisation programme for farmers and cooperative members.
Credit: The Punch