Tinubu’s Policies Make Manufacturing Unattractive – MAN

The President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, has said President Bola Ahmed Tinubu’s policies made manufacturing business unattractive in Nigeria.

Francis Meshioye decried that manufacturers were affected by the rising inflation. He said the current electricity tariff cost that moved from ₦66 per kilowatt to ₦209 added to the burden of the manufacturers.

Meshioye said this on Thursday in an interview with Channels TV. He added that the general cost of food also affected manufacturers and workers.

“Major contributors to Nigeria’s rising inflation are food and energy. For instance, a tuber of yam showed that Nigerians can no longer afford it.

“The price moved from about ₦1000 to ₦3000. If you look at the electricity tariff cost, it moved from ₦66 per Kilowatt-hour to ₦209. If you look at the percentage increase, you discover that the country’s inflation rise is not marginal.

“That is why I said it is a mix-grid. This has affected the manufacturing business generally,” Meshioye said.

The MAN President added that President Bola Tinubu’s policies implemented in the last twelve months concerning fuel subsidy removal and naira devaluation made manufacturing unattractive.

“Policies that have been implemented in the past twelve months, the fuel subsidy removal, the devaluation of the naira—all these have made manufacturing unattractive,” he said.