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Insurgency crippling investments, revenues – OPS

Insurgency crippling investments, revenues – OPS

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Organised Private Sector (OPS) has said its members’ investments in the country were being crippled following unending attacks by Boko Haram insurgents in the North-East.

According to OPS, the incessant insurgents’ attacks in the country particularly in the North-East were already taking toll on its members’businesses and investments growth, hence, it urged the Federal Government to buckle up in its effort of protecting lives and property in the country.

The OPS, which comprised business community organisations, including, Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Lagos Chamber of Commerce and Industry (LCCI), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small and Medium Scale Enterprises (NASME) and Nigerian Association of Small Scale Industries (NASSI), insisted that the Boko-Haram and herdsmen attacks in the North-East had adversely affected its members’ revenue projections for 2018 since it had jerk up production costs and raw materials sourcing.

LCCI Director- General, Muda Yusuf in a chat with the media in Lagos explained that the insurgence had disrupted many industrial firms’ operations in that region, describing it as worrisome to private sector.

According to him, the Boko Haram insurgents had affected the business operations of many industries and SMEs, adding that it had propped up closure of industries since they would not source raw materials for production and also open for business. Yusuf said: “Of course, we are worried.

We are worried because it is affecting the capacity of businesses to grow because first, a major component of Nigeria market is being caught-off as it were at present, especially, for many of these industries that are in the fast moving consumer products. Many of them have sales outlets in most of these markets in the Northeast and North-Central. “So if the economies in those locations are collapsing the demand for their products would certainly go down drastically and that would affect their bottom-line.

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