The Manufacturers Association of Nigeria (MAN), asked the Federal and state governments to direct savings from the fuel subsidy removal to productive sectors of the economy. The association also enjoined sub-national governments to leverage the Electricity Act to increase the power sector and patronize made-in-Nigeria goods in all its purchases and contracts.
The MAN also enjoined the Central Bank of Nigeria (CBN) to develop a sustainable framework to guide credit intervention to the manufacturing sector. The president of the association, Otunba Francis Meshioye made these demands at the MAN Reporter of the Year award ceremony.
Meshioye further called on the CBN to prioritize FX allocation to the real sector and strategically guide remittances into the non-oil sectors like the manufacturing industry.
He said “Prioritize forex and credit allocation to the manufacturers and reduce the number of BDCs into large and well-established operators to curb their excesses and untoward operations through effective management and supervision.”
He also stressed the need for the apex bank to reduce the number of Bureau de Change operators (BDCs), so as to ensure the proper structure of their operations.
