Naira Devaluation, Subsidy Removal Cripple Manufacturers

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…

>

Leave a Comment