Article summary
- The Director-General of the Manufacturers Association of Nigeria (MAN) has asked the federal government to ensure the CBN puts productive sectors of the economy in priority when allocating foreign exchange.
- He also commended President Tinubu for his initiatives on monetary policies, multiple taxations and a long end to the fuel subsidy regime.
- He asked the federal government to adopt an electronic call-up system in ports and revisit the Finance Bill 2022.
The Manufacturers Association of Nigeria (MAN) has tasked the new administration to prevail on the CBN to ensure productive sectors of the economy are given priority in the allocation of foreign exchange.
The association made this known in its reaction to the inaugural address by President Bola Ahmed Tinubu.
According to the Director-General of MAN Mr. Segun Ajayi-Kadir, a new administration is greeted with expectation and MAN as an advocacy group looks forward to new policies and decisions.
What the Director said
In his words,
- “Change in administration is usually greeted with expectations and as an advocacy group, we surely look forward to several 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 utilize 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-industrialization of the Nigerian economy.”
Mr. Segun noted that issues raised in the President’s speech such as multiple taxation, poorly managed foreign exchange regime, conflicting fiscal and monetary policies and a long overdue end to the fuel subsidy resonated with Nigeria’s manufacturers.
The MAN Director-General added that a marching order is needed to move the CBN towards adopting a unified exchange rate system. He went further that the President reign on the CBN to give priority to productive sectors of the economy, particularly to manufacturers in the allocation of foreign exchange enabling them to import raw materials, spares and machinery that cannot be locally sourced.
Way forward
He also called on the FG to ensure government parastatals in the ports should adopt electronic call-up to address the problem of congestion and revisit the 2022 Finance Bill to ensure it contains input from the private sector.
