The value of unsold finished goods inventory has surged by 42.93 percentage points in the first half of 2024, reaching 1.
24 trillion against 869.37 billion recorded at the close of 2023, the Manufacturers Association of Nigeria (MAN) has disclosed.
MAN in a statement signed by the Director General, Segun Ajayi-Kadir, blamed the developments on the continuous rise in interest rates imposed by commercial banks.
The association was reacting to the increase of interest rate at the 297th meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held on September 23-24, 2024.
“With the increase in borrowing costs, manufacturers will now pay over 35% on their credit facilities.
Clearly, this will lead to increase in production costs, higher prices of finished goods, lower competitiveness and production capacity expansion.
..
News articles remains the property of the source. Tellbrief is a news aggregator.
