There Is Looming Economic Crisis In Nigeria If Land Borders Are Not Secure, Says MAN
He stated that during the border closure, some sectors had considerable increase in their productivity, while some sectors recorded a sharp decline.
The Manufacturers Association of Nigeria (MAN) has warned the Nigerian government of impending economic and security challenges if the country s land borders are not secure.
President Mohammadu Buhari had in his New Year message said land borders were open and that Nigeria was fully ready for business transactions with neighbouring countries.
But in a statement made available to SaharaReporters, the Director-General of MAN, Segun Ajayi-Kadir, said there is a necessary framework that must be in place to monitor the borders effectively, else the issues that led to the closure of the borders would manifest.
Many years ago, most of the farmers abandoned cotton production for soybeans and sesame because of low yield and poor access to market hinged on lack of access to improved/quality seeds and the apparent collapse of the textile and garment industries in the country.
But in 2019, some farmers were introduced to two Bt. Cotton hybrid varieties and the yield has brought many back to cotton production this year with more hoping to join in the 2020/2021 planting season.
The two bollgard II varieties are Mahyco C 567 BG2 and 571 BG2.
The first is for medium duration (160 to 170 days) with big boll size, while the second is an early duration (150 to 160 days) hybrid with good tolerance to sucking pests.
By Rukayat Moisemhe
Lagos, Dec. 29, 2020 Like many governments, the Nigerian government has identified industrialisation as the tool to generate tangible non-oil revenue, increase employment opportunities, and contribute maximally to GDP.
As part of government’s efforts at engendering sustainable economic recovery, some fiscal and monetary policies were rolled out, particularly to benefit Micro, Small and Medium Enterprises.
In spite of the policies, the manufacturing sector contracted by 0.43 per cent in the first quarter of 2020; by -8.78 per cent in the second quarter and by -1.51 per cent in the third quarter of the year.
Dr Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry listed the major challenges faced by the business community in the outgoing year to include liquidity crisis in the foreign exchange market, sharp exchange rate depreciation, high energy and production cost.
Woes, hopes of real sector operators - The Nation Nigeria News thenationonlineng.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationonlineng.net Daily Mail and Mail on Sunday newspapers.
By Proavidence Adeyinka
Chairman, Manufacturers Association of Nigeria, MAN, Apapa Branch, Engr. Frank Onyebu, has said that the persistent double-digit inflation rate in the economy was occasioned by an upsurge in exchange rates.
Onyebu said this during the association’s Annual General Meeting, AGM, in Lagos, explaining that foreign exchange suddenly became very scarce with most manufacturers unable to procure vital raw materials.
He said, “Exchange rate shot up, driving inflation to double digits. At the same time, consumer demands plummeted. To make matters worse, the government, following similar reactions from governments around the world, imposed a lockdown that affected most of the industrial regions of the country.”