A total of 834 manufacturing companies closed shop in 2009 as a result of their inability to continue to cope with the challenges posed by the harsh operating environment in Nigeria.
Besides, about half of the remaining operating firms have been classified as “ailing,” a situation that poses a great threat to the survival of manufacturing in the country in the next few years.
According to a survey carried out as part of its membership operational audit in January 2010 by the Manufacturers Association of Nigeria, the 834 figure represents the cumulative aggregate of firms that shut down their operations in 2009 across the country.
An update on the trend has been scheduled to be carried out in November this year. Importantly, the aim of the fresh survey is to know how many companies have stopped operation between December 2009 and November 2010.
Read More:http://www.punchng.com/Articl.aspx?theartic=Art20101031539615
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