A survey by PAMA reveals that African manufacturers face major hurdles like unreliable electricity, high borrowing costs, and inefficient supply chains.These issues make their products pricier than imports from Asia, the US, and Europe.In Nigeria, factories rely heavily on diesel and gas, whose prices have skyrocketed due to conflicts in Iran.Energy alone accounts for 30-40% of production costs for industries like cement and food processing.Poor logistics also raise expenses and slow down deliveries, harming regional growth.The report stresses the need for stable policies, better infrastructure, and cheaper funding to boost competitiveness.
It calls for coordinated efforts between governments, financial institutions, and trade bodies to improve power supply, transport networks, and customs processes.Manufacturers are urged to invest in skills, innovation, and automation to secure long-term industrial success in Africa.
Original title: Manufacturers cite power, costly credit, logistics as key competitiveness constraints
The AI system has determined that this news is not clickbait/sensationalist: : Original title is straightforward and factual, not sensationalist or misleading. It accurately reflects the survey's focus on key challenges faced by manufacturers. This has coincided with the opinion of the majority of users.