Naira Devaluation, Subsidy Removal Cripple Manufacturers …C0NTINUE READING HERE >>>
The recent removal of fuel subsidy and the devaluation of the Naira have severely impacted manufacturers in Nigeria, leading to a significant decline in tax revenues as well as operational challenges.
Since the removal of fuel subsidies on May 29, 2023, fuel prices have surged by approximately 193 per cent, causing a ripple effects across various sectors.
Manufacturers are particularly affected as the rising costs of fuel and raw materials have led to increased production expenses.
Reports…
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