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CANMPEF Flays Tottering Economy, Points Way Forward For Members’ Survival

NBS

The leadership of the Chemical and Non-Metallic Products Employer’s Federation (CANMPEF) yesterday flayed the tottering state of the economy since the last five years, saying that it has remained challenging as private sector lending remains low and foreign exchange inflows remained mostly on short term.

Chief D.V.G. Edwin, President of the federation, in his speech at the 40th Annual General Meeting (AGM) of the Federation said that, “Preceding the 2019 Presidential election, the National Bureau of Statistics (NBS) released its performance of the Nigerian economy, and that the report had it that Nigeria economy continued to recover, expanded by 1.93% in 2018, higher than 0.82% recorded in the previous year. He explained that “interestingly same report attributed performance growth to sectors namely, Information and communication, Agriculture, Manufacturing, Transportation and Storage, and Mining and Quarrying”.

He explained, “The effect on the manufacturing companies amongst others includes reduction in capacity utilisation, closure, staff reduction or lay off. However, despite the gloomy outlook, there is hope for the members as the president in his speech said there would be continuous engagement of members in order to build upon the federation’s accomplishments for the past year and at the same time proactively confronting the challenges been faced by the affiliates in the year to come”.

He said the leadership of the federation would engage members in the areas of survey and polls, seek out platforms for engagement with government and its ministries, departments and agencies on matters that would be pertinent to the federation as well as organised courtesy and advocacy visits to new political office holders.

In the same vein, the Mr. O.A. Oke, Executive Secretary of the Federation said: “Record shows that the manufacturing sector is one of the worst hit sectors in the economy with a marginal growth in GDP of 081%. The slow economic growth rate is worsened by poor infrastructure; low consumer purchasing power; restriction of FOREX for importation of certain raw materials by the Central Bank of Nigeria (CBN), multiple taxation by Federal, State and Local Government agencies.

He added that “The situation is further deteriorated by the recent spate of insecurity challenges in the country.

He said “Record shows that the manufacturing sector is one of the worst hit sectors in the economy with a marginal growth in GDP of 081%. The slow economic growth rate is worsened by poor infrastructure; low consumer purchasing power; restriction of FOREX for importation of certain raw materials by the Central Bank of Nigeria (CBN), multiple taxation by Federal, State and Local Government agencies.

He added that “The situation is further deteriorated by the recent spate of insecurity challenges in the country. He said, “The effect on the manufacturing companies amongst others includes reduction in capacity utilisation, closure, staff reduction or lay off.”

The post CANMPEF Flays Tottering Economy, Points Way Forward For Members’ Survival appeared first on Independent Newspapers Nigeria.

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