The Manufacturers Association of Nigeria (MAN) has asked the Federal Government of Nigeria (FGN) to midwife a meeting between the country’s apex bank and the Association to debate on the right way forward over the recent import restriction policy reversal.
President of MAN, Francis Meshioye, made the request recently at the 51st Annual General Meeting (AGM) of the Association in Lagos.
Recall that the Central Bank of Nigeria (CBN) under the former Governor, Godwin Emefiele, imposed import restriction on 43 selected items to reduce the demand for scarce foreign exchange.
Meshioye noted that even though the new policy measures introduced by the President Bola Tinubu’s administration are commendable the implementation has precipitated some adverse outcomes in the economic system that must be addressed.
In his words, “The economy, and in particularly, the manufacturing sector has been the worst hit by the combination of external and domestic challenges.
“Starting from 2015/2016, the Nigerian economy expressed a recession triggered by the global financial crisis that was due to the sharp decline in the oil market.
“Just as we were beginning to recover from the recession, a global health pandemic emerged, disrupted economic activities and global supply chains, posing a significant threat to industries.
“Your Excellency, our Association has taken due notice of your policy pronouncements, particularly within your first 100 days in office.
“Some bold policy actions, including the removal of fuel subsidy and introduction of managed float of the exchange rate, have elicited the commendation of most economic actors and stakeholders.
“The fallout of those measures have equally thrown up some policy imperatives that should be addressed in order for the economy to rebound and for the citizenry to appreciate and reap the long-term benefits of the various reform measures.
“In addition, we seek your intervention to facilitate an engagement between the Central Bank of Nigeria and MAN to discuss the recent lifting of the restriction on access to foreign exchange on 43 items.
“We are confident that the outcomes of conversation will allow the CBN to achieve its objective of reducing pressure on the parallel market and effective control of the foreign exchange administration.
“At the same time, it will ensure that domestic production is not overrun by influx of imported alternative and our raw materials that are not locally available could be procured using the official market.”
The MAN boss commended the Ministry of Industry, Trade and Investment for collaborating with the manufacturers body and expressed the hope that the partnership would be strengthen further under the current administration.
“Your Excellency, since its inception, MAN has been at the forefront of promoting and advancing the industrial development of our nation.
“In the course of its journey, our Association has engaged in impactful collaborations and continuous engagements with the Nigerian government and other relevant stakeholders, both within and outside the country.
“MAN has consistently provided a platform for manufacturers to come together to share their expertise and resources, in order to expand the frontier of our economic development and foster cross-border value chain to achieve sustainable economic growth and development.
“The Ministry of Industry, Trade and Investment remained our greatest ally. Your Ministry is the ladder that we climb to reach the Presidency and our ambassador to other Ministries, Departments and Agencies of Government.
“We are confident that you will raise the bar in this regard and that our collaboration and partnership will grow in leaps and bounds during your tenure.” Meshioye said.
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