Monimatic:
Commerce Association says that more than half of the surviving firms are “ailing”.

At least 800 companies closed shop in Nigeria between 2009 and 2011, due to the harsh operating business environment, the Nigerian Chambers of Commerce has said.

The companies that have survived are also having serious challenges as more than half of them have been classified as “ailing.’’

This was disclosed by the President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Herbert Ajayi, on Tuesday, in Asaba, in a paper he presented at a zonal workshop on economic diversification organised by the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC.

Mr. Ajay said the current situation of the “surviving” industries poses a great threat to the survival of the manufacturing industry. He added that capacity utilisation in industries hovers around 30 per cent and 45 per cent on the average, with 100 per cent overhead costs.

He blamed the continued decline in the manufacturing sectors on “political and economic factors’’, citing poor infrastructure and epileptic power supply as key impediments to the industry.

“The manufacturing industry as a whole operates on more than 70 per cent of energy it generates, using generators; and operating these generators greatly increases the cost of manufacturing goods,’’ he said.

The industrialist gave other reasons for the woes in the sector as incessant increase in the price of petroleum products used by industries, multiple taxation, unabated smuggling and inadequate access to finance, both local and abroad.

He said widespread insecurity and the inability of government agencies in the ports to meet their 24-hour target, for cargo clearance, have contributed to the dwindling fortunes in the manufacturing sector.

Government efforts inadequate

The NACCIMA president, whose speech was delivered by the Vice President of the association, Mary Iyasere, described current government policies to revive the manufacturing industry as inadequate.

“For instance, in May 2010, the government announced a 1.3 billion-dollar fund to help banks extend credit to the manufacturing sector following the decline in available finance after the global economic crisis had set in.

“Notwithstanding this positive development arising from the reform process, the Nigerian economy, especially the manufacturing sector is still confronted by serious challenges, structural imbalance and lack of diversification,” he said.

“The current government policies targeted at the real sector (manufacturing) are also inadequate and preventing the manufacturing industry from flourishing,” he added.

The way forward

On the way forward, Mr. Ajayi stressed the need for the organised private sector to support the government’s efforts to revitalise the sector through the much-canvassed public private partnership.

He also called for more transparency in the ongoing government-led privatisation exercise of public enterprises.

Quoting statistics from the Bureau of Public Enterprises (BPE), Mr. Ajayi said between 1999 and 2011, a total of 121 firms were privatised or commercialised, with about N250 billion realised from their sale.

“It was also reported that 81 of the privatised firms were operating at about 66 per cent and 41 at 34 per cent performance level,” he added.

The NACCIMA president, however, observed that the figures are in stark contrast to the position of the Senate ad-hoc Committee on Privatisation, which posited that 80 per cent of the firms are not performing.

In addition, he said Nigeria can borrow from the lessons of the economic policies of the “Asian Tigers” — Hong Kong, South Korea, Singapore and Taiwan — to boost the manufacturing sector.

He, however, warned that Nigeria must exercise “caution” in trying to imitate the Asian policies. He explained that government needs to consider the peculiarities of the nation’s economy and marry it with those of Asia in areas “where policies are applicable rather than wholesale adoption”.

“This is because the casualty between growth and industrialisation could prove to be a costly mistake as seen in other countries, in pushing for rapid industrialisation,’’ Mr. Ajayi stated.

https://www.premiumtimesng.com/business/99757-800-companies-shut-down-in-3-years-says-naccima.html?fbclid=IwAR342nL-dKUVY3oj1I8M2ED3TLKJpruZYo13RStZOTLzMlB3XFhrs3F3gY4

Monimatic:

Buhari is a collosal failure

Monimatic:

Buhari is a disaster -End of discussion
More people will become unemployed under Buhari's Presidency

Monimatic:
Commerce Association says that more than half of the surviving firms are “ailing”.

At least 800 companies closed shop in Nigeria between 2009 and 2011, due to the harsh operating business environment, the Nigerian Chambers of Commerce has said.

The companies that have survived are also having serious challenges as more than half of them have been classified as “ailing.’’

This was disclosed by the President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Herbert Ajayi, on Tuesday, in Asaba, in a paper he presented at a zonal workshop on economic diversification organised by the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC.

Mr. Ajay said the current situation of the “surviving” industries poses a great threat to the survival of the manufacturing industry. He added that capacity utilisation in industries hovers around 30 per cent and 45 per cent on the average, with 100 per cent overhead costs.

He blamed the continued decline in the manufacturing sectors on “political and economic factors’’, citing poor infrastructure and epileptic power supply as key impediments to the industry.

“The manufacturing industry as a whole operates on more than 70 per cent of energy it generates, using generators; and operating these generators greatly increases the cost of manufacturing goods,’’ he said.

The industrialist gave other reasons for the woes in the sector as incessant increase in the price of petroleum products used by industries, multiple taxation, unabated smuggling and inadequate access to finance, both local and abroad.

He said widespread insecurity and the inability of government agencies in the ports to meet their 24-hour target, for cargo clearance, have contributed to the dwindling fortunes in the manufacturing sector.

Government efforts inadequate

The NACCIMA president, whose speech was delivered by the Vice President of the association, Mary Iyasere, described current government policies to revive the manufacturing industry as inadequate.

“For instance, in May 2010, the government announced a 1.3 billion-dollar fund to help banks extend credit to the manufacturing sector following the decline in available finance after the global economic crisis had set in.

“Notwithstanding this positive development arising from the reform process, the Nigerian economy, especially the manufacturing sector is still confronted by serious challenges, structural imbalance and lack of diversification,” he said.

“The current government policies targeted at the real sector (manufacturing) are also inadequate and preventing the manufacturing industry from flourishing,” he added.

The way forward

On the way forward, Mr. Ajayi stressed the need for the organised private sector to support the government’s efforts to revitalise the sector through the much-canvassed public private partnership.

He also called for more transparency in the ongoing government-led privatisation exercise of public enterprises.

Quoting statistics from the Bureau of Public Enterprises (BPE), Mr. Ajayi said between 1999 and 2011, a total of 121 firms were privatised or commercialised, with about N250 billion realised from their sale.

“It was also reported that 81 of the privatised firms were operating at about 66 per cent and 41 at 34 per cent performance level,” he added.

The NACCIMA president, however, observed that the figures are in stark contrast to the position of the Senate ad-hoc Committee on Privatisation, which posited that 80 per cent of the firms are not performing.

In addition, he said Nigeria can borrow from the lessons of the economic policies of the “Asian Tigers” — Hong Kong, South Korea, Singapore and Taiwan — to boost the manufacturing sector.

He, however, warned that Nigeria must exercise “caution” in trying to imitate the Asian policies. He explained that government needs to consider the peculiarities of the nation’s economy and marry it with those of Asia in areas “where policies are applicable rather than wholesale adoption”.

“This is because the casualty between growth and industrialisation could prove to be a costly mistake as seen in other countries, in pushing for rapid industrialisation,’’ Mr. Ajayi stated.

https://www.premiumtimesng.com/business/99757-800-companies-shut-down-in-3-years-says-naccima.html?fbclid=IwAR342nL-dKUVY3oj1I8M2ED3TLKJpruZYo13RStZOTLzMlB3XFhrs3F3gY4

Monimatic:

Buhari is a disaster -End of discussion
More people will become unemployed under Buhari's Presidency

Moety:
According to APC zombies NACCIMA are ipod youth

chiangwar:
Is Buhari bad Governance he wasted good four years for nothing ,
Is not only companies that closed people life did remain the same
since Buhari came to power .

DJInfluence:
This people no serious oh... We are about to end 2018 and they are giving us stats of 6+ years. Please someone thank them for giving us a base to compare with and ask them to provide 2018 figures let´s compare the "before and now".

Monimatic:

Buhari is a collosal failure

Kassidy4luv:


It shall not be well with me and my entire generation

okosodo:
Him mumu supporters go say na coincidence. For the records, PDP, though performed below average added 59 million jobs in 15 years with telecommunication taking 27%. APC can not match it in 3087776655 years, yer the will claim that this country was destroyed for 16 years

StillX10:
Buhari has nearly finished this country but thank God it's not over, it's not too late for us, let's vote him out in 2019

Omeokachie:
Sai gasket!

Sai top cylinder

Sai Caburator

By the time the lifeless incompetent tyrant is through with Nigeria, Nigerians will see Somalia as one of the fastest growing economies in the world.

IBBG:
The Obsequious supporters of this administration will have us believe that our economy has never been better like this since the inception of democracy.

KillTheZombies:
Dumbohari don finish the country. He has nothing to offer.

Ziggylady:



Okay.,all part of buhari/APC 'massive' achievements.

PresidentAtiku:
NO....

It is a massive lie..... Do you know who the President is? almighty Buhari..

How can? Mr Integrity that has grown our rice production, employed 12 million farmers, 500,000 NPower people nkor?

Nooooooo.... We will not take this.

APC ...Gang of scammers

Dexpro:
APC really destroyed this country!

Monimatic:

Buhari is a disaster -End of discussion
More people will become unemployed under Buhari's Presidency

gurnam:


We have a problem in this country with reading culture, more than 80% of people that commented so far obviously didn’t read before they start to display their lack of home training in insulting the President.

This lack of ability to read is what PDP is capitalizing on to dish out falsehood daily

escapefromusa:


You can't blame PDP.

An artisan who makes 4K - 5K ngn daily, spends 1.5K daily on alcohol and loose women,
yet wakes up in the morning to blame the federal government when he cannot provide books, pencils and food for his children.

This is what we have in this country. People suffering from misplaced priorities and our culture of apportioning blame to anyone but ourselves. It is either, your father's uncle from the village or the federal government.

OlujobaSamuel:
Virtually everyone on fp no read the news report. E go better, btw, maybe we should have a list of the company oo to know the sector most affected

adamlanreisa:
It is of no doubt Mr. President, your hard work and strategies to reduce unemployment rate in the country is being jeopardised by some few individuals. Surely, you tried all you could to get relief to the poor citizens but it seems either the drivers of this emergency ambulance or the mechanics who repair every damage engine had failed to deliver. Mr. President, I urge you to seriously look into Npower program especially with respect to batch B 2017 beneficiaries.

Most of us have finally given up hope as our endurance, patience, and continuing day and night struggle seems to have no hope and no shoulder to lean on. We applied for Npower program in June 2017, it took us more than six months before the shortlisted names were released. Lucky ones among us get to the NEXT LEVEL which was described by Npower as verification stage.

ADVERTISEMENT
We got verified and qualified into the program which took us six months again by December 2017. Imagine a graduate celebrating one complete year waiting for just a 2year program of N30,000 monthly earning. As we were jubilating, we had no idea the journey has just started. From December 2017 to August 2018, we waited for eight months again just awaiting deployment.

We still continue to exercise patience we inherit right from stage one as we always have good faith for this administration. We were instructed by Npower to report to our place of primary assignments with immediate effect and upload our assumption of duty on or before August 8th as failure to do that, will automatically get you disqualified or get delayed for payment as we were promised our first stipend on 30th August.


That is not where the story ended, we abide by all the rules as we all know how long we had waited for this golden opportunity. August 31st passed, no one received a penny and the story completely changed from stipend to another prolonging method from on boarding stage to enrolling stage, to say that everyone must have gotten enrolment status before he received his stipend.

Mr. President, this is where our sinking ship keeps drowning for almost five months, some were lucky to be enrolled and got fully paid, some enrolled and received two months, while others received only one month allowance. It’s now five months from our engagement, yet, not a single penny was received as Npower stipend. The question that begs for answer is why is it that we are yet to be enrolled and get paid as our colleagues? You are the only shoulder we could lean on. Mr. President! We hope our plight will be looked into with immediate effect.

Kaduna Volunteers
N-power

Highsigher:


The news is 2012 news....click on the link...mumu