• Business - Economy
  • Updated: June 01, 2023

MAN Harps On Allocation Of Foreign Exchange To Productive Sector

The Manufacturers Association of Nigeria (MAN) has said the Central Bank of Nigeria (CBN) should be prevailed upon to take effective action towards allocations of foreign exchange to the productive sector.

The association made this assertion in its reaction to President Bola Tinubu's inauguration speech.

Segun Ajayi-Kadir, the Director-General of MAN, stated: “Change in administration is usually greeted with expectations and as an advocacy group, we surely look forward to a number of policy changes and decisions.

“It is therefore highly commendable and an assurance of better days ahead to hear the President saying that his industrial policy will utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

“For me, this is a positive development. It is an unmistakable indication of a far-sighted strategic choice.

"One that is borne out of a deep reflection on the current inclement manufacturing environment and the need to stop the drift into inglorious de-industrialisation of the Nigerian economy.

"A marching order is needed to move the Central Bank towards a unified exchange rate.

"We also expect that, in line with President promise to enable a supportive fiscal policy regime, the President will order a reversal of the unwarranted violation of the government’s three-year excise escalation roadmap on alcoholic beverages and tobacco.

“As we have shown, the latest hike as contained in the 2023 Fiscal Policy Measures is not only going to ruin the affected sectors, it will be counterproductive for government revenue in the near future.

"Our infrastructure has remained inadequate and so the ongoing efforts of the government have to be intensified and this again was mentioned by the newly inaugurated President."

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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