Manufacturers Claim a 25% Decline in Sales Due to a Cash Shortage.

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According to manufacturers, the prolonged shortage of naira notes has caused a 25% decline in sales of manufactured items.

The Manufacturers Association of Nigeria’s Director-General, Segun Ajayi-Kadir, revealed this in a statement.

He claims that the current naira shortage and the strain it has placed on internet transactions have hurt the free flow of commodities.

George Onofowakan, the chief executive officer of Coleman Technological Industries Ltd., said that the 25% drop in sales reported by MAN did not accurately reflect the losses experienced by other manufacturers.

He claimed that the lack of naira and the ambiguity surrounding the general elections caused a significant decline in sales for most manufacturing firms.

Punch

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