SiteLock
Foreign Investors Capitalize On Nigeria’s Manufacturing Potential - Expert

MAN Warns Of Potential Exodus As FDI Dips By 54% In Nigerian Manufacturing Sector

11 months ago
1 min read

Foreign investments in Nigeria’s manufacturing sector nosedived by 54% to $279.5 million in the third quarter of 2023, a contrast from $605 million in the previous quarter.

READ ALSO: GSK, P&G Exit: Nigerians Should Worry More About Impact Of Heavy Import On Economy – MAN DG

Join our WhatsApp Channel

This was revealed by the National Bureau of Statistics’ Capital Importation report for the third quarter.

Despite this, the production sector remained the top receiver of capital imports during this period.

The Manufacturers Association of Nigeria (MAN) voiced apprehension over detrimental government policies contributing to this capital flight.

READ ALSO: Investment In Nigerian Manufacturing Sector Drops By N368bn In 8 Years – Report

Francis Meshioye, MAN’s President, emphasized the pressing concerns, saying, “More international manufacturing companies may leave the country should power distributors implement the planned tariff hike.”

Meshioye further highlighted the challenges faced by manufacturers in Nigeria, attributing the decline in investments to factors like high energy costs, limited funding access, excessive taxation, and infrastructure deficits.

Notably, the exit of multinational firms like GlaxoSmithKline and Unilever earlier in the year, followed by Sanofi-Aventis and Procter & Gamble in Q4 2023, exacerbates this worrisome trend, potentially signaling a larger exodus if issues persist.

content

emmmmmm
+ posts

Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.


MOST READ

Follow Us

Latest from Business

Why Inflation Is Rising Rapidly In Nigeria

Why Inflation Is Rising Rapidly In Nigeria

Inflation in Nigeria: An Alarming Trend Inflation in Nigeria has reached a staggering 33.88% in October, rising from 32.7% the previous month. This sharp increase, driven by factors like currency depreciation, escalating

Don't Miss

EFCC's Invasion Of Dangote Group Office May Scare Away Potential Foreign Investors - MAN DG

MAN DG Seeks Affordable Credit For Domestic Industries To Boost Production

Director General of the Manufacturing Association of Nigeria