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Paints manufacturers lament scarcity of forex, rising cost of raw materials  – The Sun Nigeria

By Awusi Glory 

The Paint Manufacturers Association of Nigeria (PMAN) has lamented  the scarcity of foreign exchange for manufacturers, adding that skyrocketing prices of paint raw materials and packaging inputs are pushing the cost of production to the roof top.

The association stated that the sector is still beset with myriad of challenges as the sector is still passing through difficult times on account of negative effects, of the COVID-19 pandemic on the operations of its members.

 Chairman, PMAN, Mr. Ambolu Babatunde, also noted that the industry is still struggling with the effects of the shutdown in 2022, pointing out that the sector is still bedevilled with scarcity of foreign exchange, skyrocketing prices of paints raw materials and packaging inputs as well as sales of finished paint products. He lamented that these bottlenecks have pushed the cost of production beyond breakeven point.

“They have also made the business environment unfavourable and unattractive to investors. With these challenges, our products have remained uncompetitive in the midst of the African single market which took off last year. The Chairman stated this at the PMAN Nigeria 2022 coating show tagged “Maximising the opportunities of the African Continental Free Trade Area in post COVID-19 era” in Lagos.

“We urge the government to come to our aid by coming up with policies and programmes that stimulate activities in the paints industry in particular and the manufacturing sector in general. 

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