The Manufacturers Association of Nigeria (MAN) has expressed concern about the dire situation faced by its members due to the Central Bank of Nigeria’s (CBN) process of allocating foreign exchange.
The Director-General of MAN, Segun Ajayi-Kadir, stated that the manufacturing sector is becoming endangered due to various challenges, including forex storage, and that the government must prioritize the allocation of scarce forex to prevent further decline, News About Nigeria reports.
Ajayi-Kadir highlighted the importance of foreign exchange and blamed the government’s misplaced priorities for causing the manufacturing sector to suffer the most. He stated that manufacturers are subjected to various processes and receive their repatriated profits at the official rate, which often falls far short of their needs when importing raw materials or spare parts.
The MAN DG believes that the only solution to Nigeria’s current forex crisis is to bolster local production of goods that can be manufactured within the country. He emphasized the importance of giving priority to the productive sector, which has the capacity to revamp the economy and encourage production activities.
“Manufacturing is becoming such an endangered profession,” Ajayi-Kadir said. “There is no country in the world that has become developed that does not have a vibrant manufacturing industry.”
He called on the government to prioritize the manufacturing sector by encouraging production activities in Nigeria.
The challenges faced by the manufacturing sector in Nigeria due to the CBN’s allocation of foreign exchange are putting the industry in a dire situation. MAN is calling on the government to prioritize the productive sector and help bolster local production to help Nigeria get out of its current forex crisis.
A vibrant manufacturing industry is essential for the development of any country, and Nigeria must take the necessary steps to ensure its growth and prosperity.
