- The manufacturing industry requires the injection of about $1billion to galvanise activities in the sector and enable it to contribute significantly to the economy, the Manufacturers Association of Nigeria has said.
- The President, MAN, Dr. Frank Jacobs, who said this in an interview with our correspondent on Thursday, however, commended the Central Bank of Nigeria for its recent interventions in the forex market targeting critical sectors.
- In October, the apex bank released $314m for forward payment to clear a backlog of forex requests by operators in the manufacturing, agriculture and aviation sectors.
- In November, the apex bank injected another $500m into the market specifically for the manufacturing sector.
- Jacobs said, “I am happy that they are becoming more sensitive to our needs. The $500m will help but not in a very significant way. It is going to take a lot to satisfy the forex demand of the manufacturing sector. If $1billion is allocated to the sector, it will make a significant difference, especially now that the operators are looking inwards for raw materials.”
MAN Tells CBN It Now Wants $1billion Forex Allocation For Industrialists
