• Business - Economy
  • Updated: May 15, 2024

Insecurity remains major challenge to manufacturing sector - MAN

Insecurity remains major challenge to manufacturing sector -

Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria, MAN, has disclosed insecurity remains a major challenge in the sector, adding that many manufacturers in the country spend more money to secure their assets than what they pay as taxes to the government coffers.

Ajayi-Kadir stated this, Tuesday, while speaking as a guest on Channels Television.

According to him, the cost of security and energy continues to add to the production overhead of manufacturers which translates to high prices of goods in the country.

He lamented that the insecurity situation in the country has forced 60 percent of MAN members in the insurgency-troubled North-East geopolitical zone out of business.

His words: “Insecurity is a major challenge. We lost between 56 to 60 percent of our members in the North-East to insecurity. They just stopped production. Insecurity is a disincentive to manufacturing activities.

“Some of us pay for security more than the taxes that we pay because it (security expenses) has to be on a continuous basis.”

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