The Chemical and Non-Metallic Products Senior Staff Association of Nigeria has expressed worry over the state of the economy, saying various economic policies of the Federal Government were unfavourable to the manufacturing sector.
The CANMPSSAN, which is an affiliate of the Trade Union Congress, also lamented that the rising production costs, epileptic power supply, insecurity, and other factors were killing companies in Nigeria, hence the need for the Federal Government to address the challenges.
The National President of CANMPSSAN, Segun David, stated this at the 27th annual National Management and Industrial Relations Seminar in Akure, the Ondo State capital.
He said, “Going by the realities staring at us and the analysis of the economic experts, the Nigerian economy is near collapse, with external reserves down to $15bn, contrary to CBN’s $36bn claim. Emerging evidence shows that the economy faces a double whammy (i.e., an empty treasury and rapid decline), with the country spending N5.9tn on imports in the first quarter of the year. Regardless of the preferred exchange rate, reserves of $15bn would barely cover months of imports.”