Cement sales dip 30% over naira redesign, says MAN

The Manufacturers Association of Nigeria (MAN) has said that sales of cement have dipped by 30% since the redesign of the naira currency in May 2023. MAN said that the redesign has led to a shortage of naira notes, which has made it difficult for businesses to conduct transactions. This has led to a decline in demand for cement, as businesses are reluctant to make purchases if they cannot be sure that they will be able to get the cash to pay for them. MAN also said that the redesign has created confusion among consumers, who are unsure how to use the new currency. This has also led to a decline in demand for cement, as consumers are reluctant to make purchases if they are not sure how to pay for them. MAN is calling on the government to take steps to address the shortage of naira notes and to educate consumers about the new currency. The association is also calling on the government to provide financial incentives to businesses to encourage them to continue buying cement. "The redesign of the naira has had a negative impact on the cement industry," said MAN President Segun Ajayi-Kadir. "We are calling on the government to take steps to address this problem." The decline in cement sales is a worrying development for the Nigerian economy. The cement industry is a major employer and contributor to the country's GDP. The decline in sales could lead to job losses and economic hardship. The government needs to take urgent action to address the shortage of naira notes and to educate consumers about the new currency. The government should also provide financial incentives to businesses to encourage them to continue buying cement. By taking these steps, the government can help to revive the cement industry and protect the jobs and livelihoods of millions of Nigerians.