Energy crisis: MAN seeks government’s intervention to stop job losses, others

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The Manufacturers Association of Nigeria has called on the Federal Government to address the issue of energy crisis in order to forestall massive job losses.

The chairman Kwara/Kogi branch of MAN, Bioku Rahmon, made this call in a statement made available to journalists on Monday.

Rahmon noted that the current unsteady power supply required the urgent intervention of the government to rescue industries from the hike in price of diesel across the country, which had recently got as high as N720 per litre.

He further stated that there was an urgent need to rescue industry players and investors from the looming Tsunami of unemployment and mass closure of companies.

While Rahmon added that the manufacturing industry was yet to fully recover from monumental clampdown during the COVID-19 pandemic, arguing that the current energy crisis presents “the exact antithesis of what the industry can’t contain at this time.”

He explained that the national grid-supplied electricity has recorded no improvement and is greatly affecting activities of MAN, the chairman called on government to consider a bail-out and save the sector.

He said, “The manufacturing sector contributes a great chunk of percentage from the total. And unless this is addressed, it will cause a major catastrophe to the already bad economy.”

While the MAN requested that interest rates on industrial loans be reduced by commercial banks, it also called for widening of the foreign exchange window to industries and a drastic reduction of interest rates.

 

 

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