The border closure may have been a blessing in disguise as local manufacturers reaped bountifully with many consumers patronizing made-in-Nigeria goods thus marginally reducing their inventory.
It may be recalled that the federal government had in August 2019 enforced closure of the country’s land borders following spike in smuggling activities, and further extended it to contain the spread of the coronavirus pandemic in March 2020.]
In a report released by the Manufacturers Association of Nigeria, MAN, the body noted that unsold inventory of locally manufactured goods declined by twenty-three point seven-three billion naira, attributing the development to the closure of land borders within the ECOWAS regions, which it said had forced many Nigerians to buy local substitutes as import of foreign products became restricted.
MAN said Inventory of unsold finished goods in the sector totaled four hundred and two point four-two billion naira in 2019 and three hundred and seventy-five point four-two billion naira in 2018.
The survey further revealed that industrial zones such as Ikeja zone recorded the highest inventory of unsold manufactured finished goods of thirty point seven percent in the period, followed by Ogun with twenty-six point two percent and Apapa zone with twenty-one point two percent.
From: The Nation
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