By Nneka Nwogwugwu
The Manufacturers Association of Nigeria has threatened to shutdown operations across the country over hike in diesel price.
Findings showed that diesel, which was sold at N266/litre as of October 2021, has recently increased to above N800/litre, which is above 200 per cent.
According to a recent statement by the Director-General of the association, Segun Ajayi-Kadiri, the manufacturing sector has suffered many challenges over the years, which have reduced the number of industries in Nigeria.
MAN also asked for a policy that would urgently allow companies and airlines to import diesel and aviation fuel respectively from the Republic of Niger and Chad.
The statement also added that by immediately opening up border posts in that axis for this purpose, the effect of high diesel and aviation fuel prices would be cushioned on the economy.
The association also called for help in saving the remaining manufacturing companies from closing down as a result of challenges arising from the inadequate electricity supply, inaccessible foreign exchange, and a rise in the cost of diesel.
Ajayi-Kadri said there were uncertainties and fear of survival of firms, and expressed fear of a force majeure over increasing diesel prices by 200 per cent.