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Manufacturers challenge CBN to prioritise FOREX allocation to manufacturing

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 The Manufacturers Association of Nigeria MAN has called on the CBN to allocate more FOREX to manufacturers to allow for importation of raw materials and machinery Dr Okwara Udensi branch chairman of MAN made the call in Benin on Thursday while addressing the 36th Annual General Meeting of the association Udensi observed that chronic dollar shortage was affecting the manufacturing sector negatively Manufacturing companies are unable to access the dollar at the official rates and they need it for importation of raw materials They have been consequently to go to the parallel market to get the dollar at higher rates The sector is facing numerous challenges and it needs urgent attention of the Federal Government to provide adequate bailout for the sector to avoid total collapse he said Udensi stressed that the manufacturing sector would only be able to contribute to the country s economic growth if the numerous challenges militating against its smooth operations were tackled He listed the challenges as poor electricity high lending rates multiple taxes and levies by government agencies low patronage of made in Nigeria products and congestion at the Lagos ports among others It is our expectation that these identified challenges be addressed by government to move the country from an import dependent to a self sufficient and export based economy This can only be made possible with consistency in governments policies to guarantee the required enabling environment so that manufacturing companies are able to operate at maximum capacity he said Similarly Mr Mansur Ahmed National President of MAN urged the CBN to direct commercial banks to process FOREX allocation applications by manufacturers transparently He also called on the Federal Government to evolve strategic response to the disruptive impact of the on going Russian Ukraine war on the global supply value chain He however commended Edo and Delta governments for prioritising youth empowerment through the Edo Innovation hub and the Graduate Employment Enhancement Programme in Delta Ahmed was represented by Dr Alofoje Unuigboje a former Chairman of MAN chapter In her remarks Prof Mercy Anyiwe a professor of Economics at the University of Benin urged manufacturers to leverage on innovation and technology to make their products competitive at the global market She charged MAN to partner with research institutes and the academia to overcome some of their challenges The Annual General Meeting has Nigeria s struggling macroeconomic policies Lessons and challenges for the manufacturing sector as its theme NewsSourceCredit NAN
Manufacturers challenge CBN to prioritise FOREX allocation to manufacturing

1 The Manufacturers Association of Nigeria (MAN) has called on the CBN to allocate more FOREX to manufacturers to allow for importation of raw materials and machinery.

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2 Dr Okwara Udensi, branch chairman of MAN, made the call in Benin on Thursday while addressing the 36th Annual General Meeting of the association
Udensi observed that chronic dollar shortage was affecting the manufacturing sector negatively.

nigerian news up date

3 Manufacturing companies are unable to access the dollar at the official rates and they need it for importation of raw materials.

nigerian news up date

4 “They have been consequently to go to the parallel market to get the dollar at higher rates.

5 “The sector is facing numerous challenges and it needs urgent attention of the Federal Government to provide adequate bailout for the sector to avoid total collapse,’’ he said.

6 Udensi stressed that the manufacturing sector would only be able to contribute to the country’s economic growth if the numerous challenges militating against its smooth operations were tackled.

7 He listed the challenges as poor electricity, high lending rates, multiple taxes and levies by government agencies, low patronage of made-in-Nigeria products and congestion at the Lagos ports, among others.

8 “It is our expectation that these identified challenges be addressed by government to move the country from an import-dependent to a self-sufficient and export-based economy.

9 “This can only be made possible with consistency in governments’ policies to guarantee the required enabling environment so that manufacturing companies are able to operate at maximum capacity,’’ he said.

10 Similarly, Mr Mansur Ahmed, National President of MAN, urged the CBN to direct commercial banks to process FOREX allocation applications by manufacturers transparently.

11 He also called on the Federal Government to evolve strategic response to the disruptive impact of the on-going Russian-Ukraine war on the global supply value chain.

12 He, however, commended Edo and Delta governments for prioritising youth empowerment through the Edo Innovation hub and the Graduate Employment Enhancement Programme in Delta.

13 Ahmed was represented by Dr Alofoje Unuigboje, a former Chairman of MAN, chapter.

14 In her remarks, Prof. Mercy Anyiwe, a professor of Economics at the University of Benin, urged manufacturers to leverage on innovation and technology to make their products competitive at the global market.

15 She charged MAN to partner with research institutes and the academia to overcome some of their challenges.

16 The Annual General Meeting has “Nigeria’s struggling macroeconomic policies: Lessons and challenges for the manufacturing sector’’ as its theme.

NewsSourceCredit: NAN

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