Connect with us

latest

MAN Reports 30% Drop In Cement Sales And 20% Decline In Consumer Goods Sales

Published

on

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.

Read Also A Journey Of Purpose: Sharing My Chevening Story Of Impact And Hope

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.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

latest

“YOU SHALL FALL INTO THE PIT!” Natasha Blasts Akpabio With Fire And Fury Over Explosive Leaked Audio!

Published

on

Senator Natasha Akpoti-Uduaghan (representing Kogi Central) has publicly responded to the controversy surrounding Senate President Godswill Akpabio following the emergence of a leaked audio recording.....KINDLY READ THE FULL STORY HERE▶

According to reports, Akpoti-Uduaghan shared her stance via a Facebook post on Monday, September 21, 2026, where she alleged that Akpabio’s office has been distributing materials to media outlets for publication. Addressing the Senate President directly, she issued a stern warning that actions taken against her will ultimately backfire, writing:

“Dear Godswill Akpabio, Senate President of the Nigerian 10th Assembly… continue. Dear Punch Newspapers, Guardian Nigeria, and others… you may take the envelope and publish whatever Akpabio’s office sends to you. S.P. Akpabio, know that the pits you dig for me, you shall very well fall into.”

Context of the Leaked Audio

  • The Allegations: Her reaction follows fresh claims by U.S.-based activist Sandra Duru (also known as Prof Mgbeke), who published a nine-minute audio clip on social media.

  • The Recording: Duru claimed the audio features a male voice belonging to Akpabio and that he allegedly hired her to campaign against Akpoti-Uduaghan. This marks a shift from her 2025 claims, where she previously alleged that the Kogi senator tried to recruit her against the Senate President.

  • Further Disclosures: Duru indicated that this audio serves as a preview of more upcoming revelations regarding her purported dealings with Akpabio.

Continue Reading

latest

BLOCKBUSTER RULING: Appeal Court Flips Script On Magu’s EFCC Tenure In Stunning Legal Reversal!.

Published

on

The Court of Appeal in Abuja has set aside a previous Federal High Court ruling that validated Ibrahim Magu’s extended service as the acting Chairman of the Economic and Financial Crimes Commission (EFCC).....KINDLY READ THE FULL STORY HERE▶

The appellate court’s decision follows an appeal by Abuja-based lawyer and activist Johnmary Jideobi. He challenged Magu’s prolonged acting tenure after the Senate twice rejected his nomination for a substantive appointment.

Background of the Case

  • The Origin: Jideobi filed the initial suit in March 2017, arguing that Magu could not occupy the acting role indefinitely following his rejection by the Senate.

  • The 2019 High Court Ruling: Justice Ijeoma Ojukwu dismissed the suit, ruling that the EFCC Establishment Act contained a gap regarding the time limit for an acting chairperson, leaving the duration to presidential discretion.

  • The Appeal: Dissatisfied, Jideobi argued that keeping Magu in office violated statutory limits and that the acting appointment legally terminated once the Senate rejected his nomination.

Subsequent Developments

Magu’s tenure as acting chairman ultimately concluded in July 2020 following his suspension by former President Muhammadu Buhari over misconduct allegations, which Magu denied before an investigative panel.

Following his exit, Mohammed Umar Abba temporarily took over before Abdulrasheed Bawa was appointed as substantive chairman in February 2021. Bawa was later suspended in June 2023 by President Bola Tinubu, leading to the appointment of the current substantive chairman, Ola Olukoyede.

Continue Reading

latest

SCANDAL AT THE TOP: JAMB Fires Corrupt Staff Exposed In Shaking Extortion Ring!.

Published

on

The Joint Admissions and Matriculation Board (JAMB) has announced the dismissal of an employee found guilty of extorting candidates.....KINDLY READ THE FULL STORY HERE▶

In a bulletin released on Monday, September 21, 2026, the examination body stated that the staff member was sanctioned for exploiting unsuspecting candidates. JAMB emphasized that this action is part of broader measures to prevent officials from using their positions for personal gain and to protect the public from exploitation.

The board issued a strong warning to its entire workforce, stating that no employee, regardless of their status, would be shielded from disciplinary action for misconduct that compromises the integrity of the admission and examination process. JAMB reiterated its zero-tolerance policy for fraud, making it clear that both internal and external offenders will face the full consequences of their actions.

Continue Reading

Trending