The Manufacturers Association of Nigeria MAN has declared that decreasing demand for manufactured products occasioned by a sharp drop in the purchasing power of consumers due to inflationary pressures led to 87.72 percent surge in unsold inventory to N2.14 trillion in 2024 from N1.14 trillion in 2023.
Director General of MAN, Segun Ajayi-Kadir, who disclosed this in the latest annual report of the association, noted that consumers now allocate more than 70 percent of their income on transportation and energy expenses.