Nigerian Manufacturers have a total unsold inventory of 420 Billion Naira for the fist quarter of 2020.
The acting Director General of Manufacturers Association Of Nigeria, Ambrose Oruche announced this in a press statement.
The body believes that the high amount of unsold inventory may be linked with the ongoing COVID19 pandemic which has affected purchasing power of Nigerians and increased costs.
Mr. Oruche petitioned the Nigerian Government to bring polices that strengthen purchasing power of Nigerians in a bid to reduce volumes of unsold inventories.
He also urged for the enforcement of the Executive Order 005 which encourages government preference for Nigerian mad goods.
Mr. Oruche also announced that Nigerians have been forced to buy more local goods due to the Covid-19 pandemic.