Foreign
Manufacturers sack 3,567 workers, unsold goods hit ₦272billion – MAN
No fewer than 3,567 jobs were lost in the manufacturing sector in the first half of 2023 according to figures obtained by The PUNCH from the Manufacturers Association of Nigeria.
MAN disclosed this in its half yearly review of the economy, which was released on Tuesday.
According to the report, employment generation in the manufacturing sector declined to 6,428 in the first half of 2023.
This was 32.8 per cent reduction in employment generation capacity when compared with 9,559 jobs generated in the first half of 2022.
The report read partly, “In the same vein, a total of 3,567 jobs were lost in the first half of 2023, indicating 1,855 more jobs lost when compared with the 1,709 jobs lost in the corresponding half of 2022, and 850 more jobs lost when compared with 2708 jobs lost in the last half of 2022.”
MAN said the decline in the number of jobs created in the sector during the period further highlighted the unfriendly business environment, resulting from the hasty policies and residual effect of the currency redesign policy that led to the naira crunch.
The report also stated that the inventory of unsold finished products in the manufacturing sector increased to N271.9bn during the first half of 2023, compared to N187bn in the corresponding period of 2022.
This indicated a substantial rise of N84.88bn or 45.4 per cent over the timeframe. It also showed N11.64bn or 4.1 per cent decline when compared with the inventory value of N283.6bn recorded in the second half of 2022.
“This increase in inventory can be attributed to a weakened purchasing power of the consumers, brought about by diminishing real household income resulting from the ongoing escalation of inflationary pressures, compounded by the scarcity of naira in the first quarter of the year and the aftermath of the subsidy removal,” the report said.
It noted that subsidy removal and exchange rate unification policy towards the end of the first half left the economy on the brink of uncertainty, caused a ripple effect that further eroded investors’ confidence.
MAN stated that, “As a result, businesses and foreign investors are increasingly wary of committing capital, thereby hindering economic growth and prospects for recovery.
“The combined effect of these is the resultant higher inflationary pressure, which fuels the cost of production, reducing consumers’ purchasing power and having a greater impact on the manufacturers.”
German authorities have arrested three teenagers aged 15 and 16 on suspicion of plotting a deadly Islamist terrorist attack in the western German state of North Rhine-Westphalia, prosecutors said on Friday.
The state’s Central Office for the Prosecution of Terrorism (ZenTer NRW) sought an arrest warrant for the teenagers over the Easter holiday.
They were suspected of plotting a terrorist attack in accordance with the aims and ideology of (extremist militia organisation) Islamic State.
The detained suspects are a 15-year-old girl from Dusseldorf, a 16-year-old girl from the Märkischer Kreis district and a 15-year-old boy from the Soest district, located about 100 kilometres to the east of Dusseldorf.
A fourth suspect has reportedly been identified in the south-western German state of Baden-Württemberg, and the local court there has issued an arrest warrant.
According to the investigators, the teenagers are accused of having agreed to commit murder and manslaughter.
This is in conjunction with the preparation of a serious act of violence endangering the state.
The presumption of innocence applied in all stages of the proceedings.
Security sources told newsmen that the young people had formed a chat group, but had not drawn up a concrete attack plan for a particular time and place.
However, sources said the cities of Dortmund, Dusseldorf and Cologne were discussed as targets, and attacks with knives and Molotov cocktails on people in churches or police officers in police stations had been considered.
The sources said authorities had also conducted searches as part of the investigation.
A machete and a dagger were seized in Dusseldorf, but no evidence of the construction of incendiary devices was discovered.
Sources said the father of the Dusseldorf suspect had already attracted attention from authorities in the past because he had allegedly collected donations for the Islamic State.
The investigators declined to reveal how the suspected terrorists were tracked down, but said that foreign intelligence agencies “did not play a role.”
Russia on Monday officially recognised Vladimir Putin as a candidate for the presidential elections in March, a vote that he is all but certain to win.
The 71-year-old has led Russia since the turn of the century, winning four presidential ballots and briefly serving as prime minister in a system where opposition has become virtually non-existent.
The Central Election Commission said it had registered Putin, who nominated himself, as well as right-wing firebrand and Putin-loyalist Leonid Slutsky as candidates for the vote.
The election will be held over a three-day period from March 15 to 17, a move that Kremlin critics have argued makes guaranteeing transparency more difficult.
Following a controversial constitutional reform in 2020, Putin could stay in power until at least 2036.
Rights groups say that previous elections have been marred by irregularities and that independent observers are likely to be barred from monitoring the vote.
While Putin is not expected to face any real competition, liberal challenger Boris Nadezhdin has passed the threshold of signatures to be registered as a candidate.
However, it is still unclear if he will be allowed to run, and the Kremlin has said it does not consider him to be a serious rival.
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