The Manufacturers Association of Nigeria (MAN) has said it requires a foreign exchange bailout from the federal government to ease the importation of raw materials and machinery.
They made a case for allocation of more foreign exchange by the Central Bank of Naira (CBN).
The chairman of MAN, Edo and Delta zones, Okwara Udensi, made the call while speaking at the 36th annual general meeting in Benin, with the theme “Nigeria’s struggling economy and unstable macroeconomic policies: lessons and challenges for the manufacturing sector.”
He said the sector needs an urgent bailout from the federal government to prevent total collapse as the persistent shortage in dollars was affecting the manufacturing sector negatively.
Cording to Udensi, 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 to include poor electricity, high lending rates, multiple taxes and levies by government agencies, low patronage of made-in-Nigeria products, congestion at the Lagos ports, among others.
On his part, national president, MAN, Mansur Ahmed, urged the CBN to direct commercial banks to process forex allocation applications by manufacturers transparently.
Ahmed was represented by Alofoje Unuigboje, a former chairman of MAN, Edo and Delta chapter.
He said the federal government must develop a strategic response to the disruptive impact of the ongoing Russian-Ukraine war on the global supply value chain.
