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Small and Medium Scale Manufacturers in Edo State have decried the persistent hike in the prices of raw materials used in the production of some finished goods in the state. Some of the manufacturers, who spoke with The Tide in separate interviews, in Benin yesterday, attributed the hike to the high cost of foreign exchange and low supply of raw materials. They said that the hike in prices of production materials had caused increases in their cost of production, reduced output, increased prices of finished goods, as well as reduced patronage. The Managing Director, IDDN Reliance International, manufacturers of polythene and polyester products, Mr Marshal Izebhijie, said that the price of Nylon bags had increased in the country due to high cost of raw materials. ....
Stanbic IBTC Bank stated this in its Purchasing Managers’ Index report for November 2020. It stated that companies continued to raise purchasing activity and employment in line with rising new order inflows. It said higher staffing allowed firms to reduce the level of outstanding business for the sixth month running, while vendor performance improved in November. Meanwhile, firms remained optimistic about output in the year ahead with plans to upgrade software and expand operations often cited by firms. Report said that the inflationary pressures remained marked on the price front. It said overall input costs increased amid higher raw material costs and currency weakness. ....