Tag
HIGH INFLATION
President of the Manufacturers Association of Nigeria (MAN), Chief Francis Meshioye, has said that the manufacturing sector was severely impacted in 2024 by macroeconomic challenges specifically the high inflation rate, high interest rates, and the Naira’s depreciating value.
A review of the recently released Company Income Tax (CIT) report for the first quarter of 2024 reveals that income tax payment by companies in manufacturing, agriculture and 12 others declined by a minimum of 16%.
The International Monetary Fund (IMF) said that high inflation in the country is a major source of hardship for Nigerians.
The World Bank also stated that African countries need to restore macroeconomic stability and the protect poor.
FX crisis, high inflation, and fiscal pressures generated by fuel subsidies, according to the World Bank, distort the benefits of a growing non-oil sector and high oil prices.