The Nigerian manufacturing sector experienced a decline in business performance in December 2024, according to a recent report. Naija247news gathered that the sector faced a confluence of challenges, including rising production costs, weak consumer demand, and logistical hurdles.
Thank you for reading this post, don't forget to subscribe!Naija247news understands that the report surveyed manufacturers across various sectors, including food and beverages, textiles, and chemicals. The findings revealed a significant drop in production levels, with many companies reporting reduced output due to increased costs of raw materials, energy, and transportation.
According to Naija247news, the survey also highlighted a decline in new orders, indicating weakening demand both domestically and internationally. Naija247news reports that manufacturers cited concerns over the global economic slowdown and the impact of rising interest rates on consumer spending.
Naija247news understands that the report further emphasized the challenges posed by logistical bottlenecks, including delays in customs clearance and transportation disruptions. These issues have significantly increased production costs and hampered the timely delivery of goods to markets.
Naija247news gathered that despite these challenges, some manufacturers expressed optimism about the long-term prospects of the sector. They pointed to government initiatives aimed at boosting local production and supporting the growth of small and medium-sized enterprises.
Naija247news reports that the report concludes by urging the government to address the challenges faced by the manufacturing sector through targeted policy interventions. These interventions could include measures to reduce the cost of doing business, improve infrastructure, and enhance access to finance for manufacturers.
