Food industry on brink as rising costs, forex crisis trigger mass layoffs

By Victor Ahiuma-Young
GENEVA, SWITZERLAND — Nigeria’s food and beverage industry is facing a worsening employment crisis as rising production costs, foreign exchange volatility and regulatory measures continue to force companies to cut jobs and scale down operations. The Food, Beverage and Tobacco Senior Staff Association, FOBTOB, has raised the alarm over increasing layoffs across the sector, warning that unless urgent interventions are implemented, more workers could be thrown into the labour market while some businesses may be forced to shut down. The union said the combined impact of soaring energy costs, poor infrastructure, weak consumer purchasing power and policy restrictions o...