Nigeria’s manufacturers have called for the immediate release of a N1 trillion Manufacturing Stabilisation Fund to help save shrinking factories. The request comes amid growing concerns over the sector’s decline, with many businesses struggling to remain viable. The fund, which was announced in 2022, has not yet been fully disbursed, leaving manufacturers in limbo.
Industry leaders argue that the delayed release of the fund has worsened the financial strain on factories, which are already facing rising input costs and reduced demand. They also urged the government to lower borrowing costs to ease access to capital. The call follows recent reports of factory closures and reduced production across key industries.
The Nigerian government has not yet responded to the manufacturers’ demands. However, industry associations have warned that without urgent action, the manufacturing sector could face further decline, impacting employment and economic growth.
The situation highlights the ongoing challenges facing Nigeria’s industrial base, as businesses continue to seek support from the government to sustain operations.
