The national body of the association warned that more factories would be shut if the diesel price increased to N1,500 from the current N1,000. Between June and October this year, the prices of diesel and aviation fuel increased by over 50 percent, heightening concerns among the operators. On June 20, 2023, The PUNCH reported that the Federal Government had commenced the implementation of the payment of 7.5 percent VAT on diesel. The WACCIMA president lamented that the prevailing high cost of diesel had been impacting negatively on the operations of the members. Four firms shutIn Kwara and Kogi states, no fewer than four manufacturing companies have closed down while others have reduced their operational hours on account of the diesel cost.

Source: Punch October 26, 2023 09:36 UTC