Manufacturers Incur Heavy Losses As Forex Crisis, Inflation Bite Harder

The cost of raw material input for consumer goods companies rose by 18.5 percent in the first half of 2023.

Industry experts say this undermined the companies’ profitability as the figures reflect the depreciation of the Naira and rising inflation.

READ ALSO: Mohbad: Man Promises Late Singer’s Wife N10m For DNA Test

Data from the National Bureau of Statistics (NBS) shows that the inflation rate in Nigeria closed at 22.79 percent in the first half of the year.

The figure rose to 25.8 percent last month and is projected to rise this month, possibly sustained to the end of the year.