Manufacturers raise alarm over N1.35trn alternative power costs, 18,935 job losses

*Say growth crawls at 1.41%, despite broader economic recovery *Urge FG to cut energy, financing costs lAcknowledge govt’s import-duty, value-added tax relief on 875 pharmaceutical raw materials
By Victor Ahiuma-Young & Omotola Aremo
LAGOS — Manufacturers under the aegis of Chemical and Non-Metallic Products Employers Federation, CANMPEF, said yesterday they were facing mounting pressure from soaring energy costs, expensive credit, weak consumer demand and job losses, despite improvements in the country’s key macro-economic indicators in 2025.
The federation also raised alarm over the worsening cost of doing business, citing an estimated N1.35 trillion spent by local manufacturers o...