Stakeholders and key players in the manufacturing sector of Nigeria on Tuesday, took to their 49th Annual General Meeting in Abuja to
The Manufacturers Association of Nigeria,has faulted the Federal Government’s policy on forex, insisting that it has been hampering them from importation of machines and essential raw materials for productive activities.
They also lamented that while the Central Bank of Nigeria policy on non allocation of forex to BDCs remains apt, it was indirectly stiffling manufacturing activities unless priority is given to the sector.
President of MAN, Engr. Mansur Ahmed who tabled the constraints of his colleagues before the Federal Government delegation, while giving welcome remarks at the summit, with the theme: “Overcoming the Binding Constraints to Competitive Manufacturing for Intra-African Trade”, noted that the sector was also frost with low incentives, including shoddy regulatory framework that discourages investment in the development of local raw materials.
Participants reflected on the impact of the Covid-19 pandemic, observing that recent developments at the global, continental, regional and national levels have brought MAN to speed on challenges of sustainability of the manufacturing sector.
According to Ahmed, low patronage from government, being the largest spender in the economy, coupled with poor trade facilitation framework at the Lagos ports as well as high cost of doing business among others constitute some of the daunting challenges faced by manufacturers.
