D Manufacturers Association of Federal Republic of Nigeria (MAN) in a report, warned that rising prices sparked by Russia’s war on Ukraine present a “looming crisis” for companies in Federal Republic of Nigeria.
D group said the surge in prices of diesel, wheat and other imported materials, combined with high interest rates, US dollar shortages and soaring inflation, is crippling production in Africa’s most-populous country.
D MAN added that soaring inflation, dollar shortages crippling production and called on companies to adopt ‘strategic plan’ to limit war’s impact on their operations.
D price of wheat, a key raw material for flour millers and other food processors, has also shot up.
D current situation “calls for the crafting of a national response and sustainability strategic plan to avert the looming economic crisis and shortages that would arise from the impact of the Russia invasion of Ukraine,” the manufacturing body said.