About 50% of local biscuit manufacturing companies in Nigeria close down in 30 years – MAN

Date:

April 30, 2024.

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Azonuchechi Chukwu.

Manufacturers Association of Nigeria also known as MAN, has said that the growth of the biscuit and bakery subsector has been stunted over the last three decades.

The chairman of the sub-sector, Fola Osibo, made this known during the group’s annual general meeting held recently in Lagos.

According to Osibo, over the years, biscuit manufacturing in Nigeria has gone through challenging periods, some of which have threatened the continued existence of local manufacturers in the country.

Those challenges, he said, had ranged from strangulating policies, to uncontrolled raw material costs and availability, and unfair competition with mostly cheap foreign biscuits imported into the market.

Osibo said, “Looking back about 30 to 40 years, biscuit manufacturing operations was thriving in this country, policies were supportive of local manufacturing, raw materials were readily available, and our association had up to 40 members scattered all over the country.

“Then suddenly, the economic situation started going southwards, and our sub-sector started facing economic disruptions, and unfavourable policies which impacted negatively on our operations. Most companies could not cope as margins were completely eroded caused by rising costs of operations, and they started closing shops.

“Unfortunately, our sector has been neglected over the years, and the various government policies have impacted negatively on our operations. Growth of local biscuit production has therefore been stunted and the number of those still in operation has shrunk to only about 15 to 20 companies.”

He called on the Federal Government to initiate responsive and local production-friendly policies to save the sector and prevent it from completely collapsing.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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