The President of Manufacturers Association of Nigeria, Alhaji Bashir Borodo, when responding questions on the performance of manufacturers in the year 2009 and other issues relating the economy, he explained that manufacturers encountered challenges especially their members in Lagos.
He did mince words when he said that the issue of power supply is a big problem for industries.
The 6000MW promised is yet to be achieved. And this is affecting the entire economy because every sector of the economy requires power before it produces at full capacity.
The cost of production is outrageous. Few years ago, the cost of pump price was N22 per litre, but today is N72 per litre and look at what is happening. I mean itâ€™s a big problem I must sayâ€.
On the credit crunch in banks, Borodo said, banks are no longer lending money because of certain imposition on their activities, and this is affecting a lot things in the economy but said that all hope is not lost.
He thanked government for the Amnesty achievement, believing that it will bring a lot of benefit if sustained. Development of the region and sustaining it will bring peace and harmony.