Engr Mansur Ahmed, President, Manufacturers Association Of Nigeria (MAN) in his welcome address at the 2021edition Of The Man Reporter Of The Year Award/Presidential Media Luncheon said the significant amongst the challenges faced by manufacturers are difficulty in accessing forex to procure raw materials not locally available ; high cost of electricity/power; high cost of transportation; low demand of commodity; difficulty in accessing funds; regulatory Issue from numerous regulatory agencies; poor port administration and unavailability of raw materials; policy somersaults, but to mention a few.The 2021edition Of The Man Reporter Of The Year Award/Presidential Media Luncheon Held On Thursday January 28, 2021 At Man House, 77 Obafemi Awolowo Way, Ikeja, Lagos strictly according to the COVID-19 Protocol
The President noted that the implication of these challenges highlighted is that it impedes the growth and development of the manufacturing sector, thereby affecting the attainment of the sector’s full potential of massive job and wealth creation.
He pointed out that a favourable exchange, a case of appreciation of the Naira, no doubt, would present good omen and improves manufacturing production. However, the case has always been that depreciation in value of the Naira reduces manufacturing production, as observed in the various FX crises.
Engr Ahmed disclosed that as MAN has consistently observed, FX crisis in which Naira value depreciates among convertible currencies such as the US$, strangulates and reduces the size of manufacturing in the country. This is because depreciation in Naira value causes manufacturing raw-materials and machinery imports to be more expensive, he added.
The president revealed that the Manufacturers Association of Nigeria (MAN), our great Association will be marking its 50th Anniversary this year with series of activities and events. In due time, we will intimate you on the line of programmes as we count on your support in terms of wide coverage for a landmark celebration of this nature, he concluded.