The departing of GlaxoSmithKline Consumer Nigeria Plc, according to the Manufacturers Association of Nigeria, has decreased manufacturers’ confidence for the remainder of 2023.
Segun Ajayi-Kadir, the association’s director general, voiced concerns on the adverse impacts of the rising exchange rate and projected increases in the cost of petroleum products on the country’s manufacturers during a recent appearance on Arise TV.
He predicted that the remainder of 2023 will be difficult for manufacturers.
“We have seen the exit of GSK and the reduction in the profile of some of our members. This has dampened the confidence of manufacturers for the rest of the year”, he said.
“The expectation is that we wouldn’t go that route, even though everything is pointing in that direction. There are hard times awaiting manufacturers.”
“There is a need for the CBN to institute strict surveillance on the foreign exchange desks of commercial banks. This is to guard against the resurfacing of the dual exchange rate and the arbitrage and racketeering that have ensnared the economy in recent times”, Ajayi-Kadir ended his emotive interview.