Nigeria's textile, steel, chemical and other manufacturing industries continue to shrink

Summary:

According to the report of the Nigerian Business Daily on May 15, according to a Nepali manufacturing expert's research report, due to factors such as the macro economy, the overall status of Nigeria's manufacturing industry in 2016 was not good, and there has been no obvious improvement. According to the report, the survey of representative companies of manufacturing associations showed that in 2016, the growth rate of the textile, clothing and footwear industry fell from 34% in 2013 to -1%; the base metal and steel industry decreased from 13% in 2013 to 1 %; The growth rate of the wood and wood products industry decreased from 9% in 2013 to -4%; the growth rate in the chemical industry decreased from 50% to 1%.

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The report pointed out that the prospect of "Made in Nigeria" is worrying. No further measures will be taken to reverse this situation. Nepal will continue to be a continuous import consumer. The reasons for the decline of manufacturing industry are many, including the overall poor economic environment, the lack of local raw materials, high fuel costs, counterfeit products flood the market, high import tariffs and poor social stability, high interest rates on credit, foreign exchange shortages, and traffic And the power infrastructure is backward, lack of modern equipment and smuggling. In particular, the report pointed out that smuggling and foreign exchange issues are two major issues facing companies.

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