More than 20 factories have halted production activities in the last five years after several failed efforts to purchase dollars from commercial banks at the official rate to order raw materials, machines and spare parts from Asia and Europe.
About 48% of raw materials are imported into Nigeria by manufacturers in 77 sub-sectors of the economy, according to data from the Manufacturers Association of Nigeria (MAN).
The Africa Report can confirm that Innovative Packaging Limited, located at Otta, Ogun State, Nigeria, has withdrawn from MAN and shut down due to “government policies on foreign exchange” after failing to procure dollars to import polypropylene, polyethylene and other inputs required to produce plastic packaging products. The company had more than 65 staff members.
Francis Ajukwu, CEO of Kanyi Agro Processing Limited, tells The Africa Report that his group has closed two out
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