The Manufacturers Association of Nigeria (MAN) has asked the Central Bank of Nigeria (CBN) to set up an effectice means of monitoring and evaluating its forex policies to boost local production and facilitate Government’s plan to drive export trade.
The president of the umbrella body of manufacturers in Nigeria, Mansur Ahmed, who made the call recently at a forum in Lagos said MAN has offered to be a part of the process and will continue to offer recommendations to the government that would increase manufacturing sector’s contribution to the nation’s GDP.
The MAN President decried the challenges currently confronting manufacturers in the country especially that which applies to obtaining forex to procure raw materials and spare parts that are not locally.
Ahnmed disclosed that the leadership of MAN recently paid a courtesy visit on President Muhammadu Buhari, and seized the opportunity to acquaint the President with the critical needs of the manufacturing sector.
He said the Manufacturing sector in Nigeria is still not out of the woods despite the several CBN intervention policies such as the Naira4dollar scheme, Ban of Sale of Forex to BDCs and most recently the proposed RT 200 FX Programme which stands for the “Race to US$200 billion in FX Repatriation.
In his words: “While we commend the good intention of the CBN for these policies, particularly to drive support for the real sector of the economy, there is need to establish mechanisms for robust monitoring and evaluation which ought to be part of the plan to ensure that the support to drive export really comes to fruition.
“The Manufacturers Association of Nigeria, which represents the interest of manufacturers in Nigeria, has offered to be a part of this process. We shall continue to offer recommendations to the government that will increase manufacturing sector’s contribution to the nation’s GDP.”
The MAN boss also reiterated Association’s position regarding the N10/per liter excise duty on the non-alcoholic sweetened carbonated drinks which he has vehemently spoken against due to the negative impact on the economy and the consumers of the products who would bear the additional cost.
“Evidently, the sector will be negatively affected by the excise duty beyond the increase in production cost coupled with the impart of Covid-19 on our business environment, equally will be that of weaken the sector’s recovery process.
“To a large extent, hindrances experienced in the productive sector are largely caused by policy inconsistency and somersaults which leave no room for proper planning and projection. Indeed, this has led many manufacturers to close shop and discouraged prospective investors who are unsure what the next move of Government will be.” Ahmed said.
He promised to strengthen its efforts in proactively engaging policy makers through evidenced based advocacy to enable Government fully appreciate the manufacturers’ concerns and contribute to the growth and development of the Nation’s economy by the right policy choices.
In his words: “This year, we shall endeavor to work more closely with you our partners, to explore innovative and more strategic advocacy mechanisms that will scale-up the performance of the manufacturing sector and its contribution to the economy.
“Let me once again say thank you and congratulations in advance to our award winners, you deserve all the attention you are getting today from leading national business membership organization in Africa.”
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