The economic climate for businesses and the continued existence of industrial companies in Nigeria

Abstract

The primary goal of this study was to determine if and how the Nigerian business climate affects the long-term viability of manufacturing companies there. A theoretical or qualitative method was used to compile the study's findings. The study found that high rates of unemployment, interest, the exchange rate, and inflation all have negative and substantial effects on the long-term viability of Nigeria's manufacturing sector. Manufacturing firms in Nigeria should be encouraged by the government to increase the number of available jobs for the country's recent graduate population by providing financial incentives in the form of grants and realistic loan facilities from the central bank of Nigeria (CBN) and the bank of industry (BOI). Scan the external economic environment for the country's strengths and weaknesses and ensure the survival of manufacturing enterprises by having the government aid lower and regulate the quick acceleration of interest rates of commercial banks through the proper financial authorities.