The Manufacturers Association of Nigeria (MAN) has disclosed that in the year 2023, 767 manufacturing companies shut down while 335 others became distressed due to multidimensional challenges which the critical sector of the economy faced.
Director General of MAN, Segun Ajayi-Kadir, who revealed this in a statement on Tuesday, also warned that the proposed implementation of the newly introduced Expatriate Employment Levy (EEL) will further aggravate the already distressing situation.
Ajayi-Kadir raised the alarm following the controversy being generated by EEL which stipulates a mandatory annual levy of between $10,000 and $15,000 imposed by the Federal Government on employers hiring expatriate workers, which will come into effect from 15th March.
