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MAN Reports 30% Drop In Cement Sales And 20% Decline In Consumer Goods Sales
MAN Reports 30% Drop In Cement Sales And 20% Decline In Consumer Goods Sales....KINDLY READ THE FULL STORY HERE▶

The Manufacturers Association of Nigeria (MAN) has revealed that during the period of severe naira scarcity earlier this year, cement sales witnessed a significant decline of 30 percent. Additionally, the absence of easy access to cash during this period resulted in a 20 percent reduction in consumer goods sales.
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In a dedicated segment of its Manufacturing CEOs Confidence Index, MAN highlighted the severe consequences brought about by the naira redesign policy on the manufacturing sector. According to the report, there is currently no pressing need for the Central Bank of Nigeria to expedite the nation’s transition to a cashless economy or pursue overly aggressive policies, as substantial progress has already been made in that direction.
The crisis, as described by MAN, had a negative impact on manufacturers by directly constraining their working capital, thereby disrupting their daily business operations.
Key Findings of the Report
Furthermore, the report underscores that naira scarcity had an adverse effect on consumers’ patronage of manufacturing firms, leading to a substantial increase in their inventory levels, especially for retail merchandise.
The report states:
“The significant reduction in money velocity created opportunities for speculation and fueled the emergence of a naira black market, exacerbating the challenges faced by manufacturers who were already grappling with inadequate foreign exchange.
“The naira scarcity led to the closure of many small and medium-sized manufacturing enterprises that relied on cash transactions, especially those in the agro-allied industries operating in remote areas where formal banking services are scarce. Moreover, the exorbitant Point of Sale (POS) charges for cash transactions further constrained the operations of resilient manufacturing SMEs and heightened their cost of doing business.”
Additionally, the report highlights that the economic crisis placed the cash-dependent distributive trade sector in a vulnerable position, leading to significant implications for both the manufacturing value chain and logistics cost structure.
Important Context
In October 2022, Godwin Emefiele, the Governor of the Central Bank of Nigeria, announced the apex bank’s plan to redesign and introduce a new series of three banknotes, replacing the existing eight. The redesigned N200, N500, and N1000 notes were scheduled for circulation on December 15, 2022, with the pre-existing notes remaining legal tender until January 31, 2023.
The CBN Governor cited persistent concerns regarding the management of currency in circulation, particularly those outside the formal banking system, as the rationale behind the policy. However, the policy was reported to have negatively impacted the economy, as many individuals and businesses struggled to access cash from banks within the stipulated timeframe, coupled with technical glitches in digital banking operations.
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