General Price Hike Of Goods Coming In Nigeria – Manufacturers Give Notice

Manufacturers have given notice of new hikes in the prices of commodities in the market due to the continued fall of the naira against the United States dollar.

The President of the Manufacturers Association of Nigeria, Francis Meshioye, disclosed this in an interview with The Punch. 

Meshioye predicted that the naira, which has now remained at over N1,400 in the parallel market for two days, would lead to price hikes in the economy.

He continued, “It is not possible to remain profitable with this exchange rate. The first challenge is breaking even. It means the prices of things will be higher, and the income is not there for people to buy things as they should buy as things become more expensive.

 “It is a harsh time, which means we have to revise our strategy. It is hard for us to have a long-term plan, and even the short-term plans we have to regularly revise them so that we can incorporate the reality of the economy into it.”

Meshioye added that the current FX reality creates the need for manufacturers to come together and fashion out viable solutions to stay in business.

The fall of the national currency has been partially responsible for high inflation rates in the country. As of December 2023, inflation rose to 28.92 percent according to the National Bureau of Statistics.

The naira has continued its slide in the parallel market, closing the week at N1,420/$.

Since the Central Bank of Nigeria removed the rate cap on the national currency in June 2023, the naira has fallen to record lows on the official and unofficial foreign exchange windows.

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