Distress as harsh economy forces shutdown of over 50 firms
*80% others in low-capacity utilization, *Over 100,000 employees thrown into job market, *Labour begs FG to intervene OVER 50 firms in the chemical and non-metallic products sub-sector of the nation’s economy are in dilemma as multinationals, medium and small-scale enterprises, SMEs, and member companies are either exiting, on the verge of shutting down, or operating at low-capacity utilisation. It will be recalled that the employers, under the umbrella of Chemical and Non-Metallic Products Employers Federation, CANMPEF, had membership strength of no fewer than 100 firms,, comprising multinationals, medium, and small businesses, which employ about 350,000 people across the country. But presently, Vanguard checks revealed that while over 50 of such companies have closed down, four are on the verge of shutting down, while 80 per cent of the remaining companies are operating at low-capacity utilization. Industry sources told Vanguard that over 100,000 workers have lost their jobs directl...