Unless the Federal Government takes urgent steps to address the ongoing energy crisis in the country, there would be massive job losses.
According to Manufacturers Association of Nigeria (MAN), which sounded the alarm, the current unsteady supply witnessed in power supply necessitates urgent intervention to rescue industries from the hike in price of diesel across the country.
In a statement, yesterday, the chairman Kwara/Kogi branch of MAN, Bioku Rahmon, stressed the need to urgently rescue industry players and investors from the looming Tsunami of unemployment and mass closure of companies.
Rahmon noted that while the manufacturing industry is yet to fully recover from monumental clampdown during the COVID-19 pandemic, the current energy crisis presents “the exact antithesis of what the industry can’t contain at this time.”
While noting that 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.
“The manufacturing sector,” he said, “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.”
MAN, therefore, prayed 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.
