The Manufacturers Association of Nigeria (MAN) has urged its members to desist from reducing quantity and quality of their goods owing to the scarcity of foreign exchange (Forex).
Mr Frank Jacobs, the President of the association, gave the advice in Abuja. He said such move would further impact negatively on the economy.
Jacobs said it was not in the interest of any manufacturer to reduce the quantity of his or her product, adding that such practice would negatively affect customers’ patronages.
“The moment you do that, these buyers, who already know the size of the product, will react by boycotting the products.
“You know the implication of this. Once a consumer is lost, it is usually expensive to regain his or her confidence back.
“On the issue of quality, it is difficult for any manufacturer who wants to remain in business to reduce quality of product for the same reason mentioned above,’’ he said.
He, however, said that some manufacturers could be tempted to do so in order to make some profit, adding that such a smart move had its consequences.
“The world is a global market where competition is high and productivity and sales income dependent on prices and quality of products.
“Sometimes, it becomes inevitable to increase prices especially at a time of higher production costs. “Unfortunately, there is a lot of resistance to price increase of manufactured products,’’ Jacobs said.
Jacobs, therefore, urged the Federal Government to expeditiously deploy expertise to stabilise the economy, adding that the manufacturers would not go around the recession for too long.
He said that government should provide requisite infrastructure support, appropriate monetary and fiscal policy measures, as well as a conducive manufacturing environment for the market players. He, however, advised manufacturers to continue to imbibe best manufacturing practices and efficiency.