Home Crisis Nigeria: Over 20 factories shut down as currency crisis worsens

Nigeria: Over 20 factories shut down as currency crisis worsens

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Textile-weaving machines are covered at a closed-down textile factory in Kaduna, Nigeria November 3, 2016. REUTERS/Afolabi Sotunde SEARCH "NIGERIA TEXTILE" FOR THIS STORY. SEARCH "WIDER IMAGE" FOR ALL STORIES. - RC125A6500F0

Factories are shutting down in Nigeria as the currency crisis continues to plague their operations, pushing workers into the bloated unemployment market.

More than 20 factories have halted production activities in the last five years after several failed efforts to purchase dollars from commercial banks at the official rate to order raw materials, machines and spare parts from Asia and Europe.

About 48% of raw materials are imported into Nigeria by manufacturers in 77 sub-sectors of the economy, according to data from the Manufacturers Association of Nigeria (MAN).