Border Closure: Industralists Lament Over Losing N2bn Daily

Published 4 months ago by: Adegbenga Ayinla
at 02:14 PM, 7/10/2019 (4 months ago)

(5248 | Gistmaniac) (m)


Local manufacturers are said to be losing over N2 billion daily since Nigeria shut the  border with Benin Republic and Niger.\
The manufacturers are claiming to have suffered huge losses and incurred major lapses in financial transactions, just as production lines are shutting down and workers are being laid off.
Findings showed that foods and beverage manufacturers are the most hit owing to their inability to import already purchased raw materials while goods meant for the ECOWAS sub-region and Trans-Saharan markets have been prevented from leaving the shores of Nigeria via the country’s land borders.
Investigations revealed that the inability of some manufacturers to meet up with the orders in the Letter of Credit (LC) from foreign partners has put them in trouble as they have failed to comply with ECOWAS protocols, owing to the closure.
As such, some companies are finding it difficult to service the loans they secured to import some consumable goods and raw materials, which has adversely affected their business relationship and financial transactions.
Sources within the Manufacturers Association of Nigeria (MAN) disclosed that since the closure, goods meant for the ECOWAS sub-region and trans-Sahara African markets had been prevented from leaving the country through the land borders. Worst hit by the border closure are companies like Unilever, Nestle, Cadbury, Flour Mills, Honey Well and PZ, among others, as some of their trucks had been trapped at the Seme Border since August 19.
A source explained that some locally manufactured goods are produced mainly for export, and as such, 80 per cent of the revenue bases of such people are from export materials. Noting that perishable goods stocked in some warehouses are now spoiled, expired or damaged due to heat, the sources further explained that some companies are now unable to bring in raw materials already paid for, which were purchased from neighbouring countries, for local production.
Another source from MAN also lamented the situation, saying members of the association had been affected...

Problem with this article? Please contact us


sarki007 at 09:50 AM, 8/10/2019 (4 months ago)
(46 | Newbie) (f)

orisirisi, keep those boarders closed jare!
Reply

LATEST COMMENTS

  1. Noah147 on: Anambra State First Lady, Dr. Mrs Obiano Rescues Ernest Asuzu Gives Him Millions Again
    This country call Nigeria na stupidity go kill am,na money dem dey give sick people or take them to ... 14 mins ago
  2. Baye77 on: Pastor Adeboye Is Not Your Father, Dont Listen To Him - Toke Makinwa Tells Men
    I'm not sure it's written anywhere in the Bible that a man shouldn't marry a lady who... 25 mins ago
  3. GOC1990 on: "Nobody Wants To Marry A Woman That Can't Cook"- Singer Jaywon Replies Toke Makinwa
    COOK OR COOKING, MOST OF OUR SISTERS, ARE BLACK IN SKIN AND MORE WHITE THEN WHITE WOMEN INSIDE.THEY ... 25 mins ago
  4. Haso112 on: How Bobrisky Duped Me Of N22.5 Million Naira In Eye Lashes Business (Screenshots and Photos)
    WOW...! UNBELIEVABLE....! THIS BOB GUY WAS WARNED, IT'S COMING....!... 36 mins ago
  5. Henrybobo on: Aso Rock State House Director, Laetitia Naankang Dagan Assassinated In her Office
    Y d bullet no miss road go bit that Oga ... 39 mins ago