The branch in a statement by its Chairman, Pharm. Bioku Rahmon, therefore, appealed to the Kwara State and the Federal Governments to urgently come to the aid of the manufacturing industry.
The Kwara/Kogi branch of the Manufacturers Association of Nigeria (MAN) has raised alarm over the skyrocketing price of diesel, saying it has become almost impossible for them to operate.
Rahmon said failure to rescue the investors and factory owners would result in massive unemployment due to closure of the factories.
He said the manufacturing sector was facing huge energy crisis with non-existent public power supply and high cost of diesel.He explained that the manufacturing industry was already battling to recover from the COVID-19 induced economic hardship, adding current energy crisis would cripple the sector.
“National Grid-Supplied Electricity has recorded no improvement.Renewed wave of Inflationary pressures further plunged the buying masses into extreme depths of poverty with concomitant erosion of customers’ Disposable Income (DI) and hence culminated in low patronage of our industrial finished products.
“Foreign Exchange (FX) Scarcity has worsened significantly, even as Industry players continue to experience a sharp and growing shrink in the FX windows. This has led to major downturns and stress in the purchase and acquisition of foreign components for production.