MAN urges government to adopt a production focused forex policy

The Manufacturers Association of Nigeria MAN’s Chief Executive Officers (CEOs) member-companies across the six geo-political zones of the country and the ten Sectoral Groups of the Association said the reports of second Quarter 2019 Manufacturers CEOs Confidence Index (MCCI) survey conducted and released by the Manufacturers Association of Nigeria (MAN) primarily to feel the pulse of the manufacturing sector shows that of all the MAN CEOs contacted, 46 percent of them disagreed that the rate at which the sector sources foreign exchange (forex) has improved adding that the manufacturing sector still find difficult to access forex market for raw material components of the productions.“The MCCI report thus suggests the need for a production focused forex policy and improvement in the quantum of forex available to the sector, particularly for importation of machines, raw-materials and other manufacturing inputs that are at the moment not available in the country

 

“Though 36 percent however agreed that the rate at which the sector sources foreign exchange (forex) has improved while 18 percent of them are not sure that source for forex has improved in the sector.

 

“This therefore demands that Government should, as a matter of urgency, address the challenges responsible for the observed downward trend.

The report stated that the central bank should streamline existing forex windows, make more forex available for importation of manufacturing inputs that are not locally available and provide appropriate incentives for the struggling sub-sectors.

 

 

 

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