CBN should establish mechanism for robust monitoring and evaluation of its forex policy programmes-MAN President
Manufacturers umbrella body, the Manufacturers Association of Nigeria (MAN) has advised the Central Bank of Nigeria (CBN) to establish mechanisms for robust monitoring and evaluation of its forex policies which ought to be part of the plan to ensure that the support to drive export really comes to fruition.
It said MAN, which represents the interest of manufacturers in Nigeria, has offered to be a part of this process and shall continue to offer recommendations to the government that will increase manufacturing sector’s contribution to the nation’s GDP.
MAN president ,Engr. Mansur Ahmed, made this appeal at the 2022 Edition of The Man Reporter of The Year Award/Presidential Media Luncheon on Thursday February 24, 2022 At Man House, Ikeja, Lagos.
Ahmed said recently, the leadership of the Association paid a courtesy visit to President Muhammadu Buhari, and seized the opportunity to present the critical areas of need for the manufacturing sector among them, the hardship being experienced by manufacturers in obtaining forex to procure raw materials and spare parts that are not locally available was part of the issues discussed.
According to him, this is in spite of the several CBN policies such as the Naira4dollar scheme, Ban of Sale of Forex to BDCs and most recently the proposed RT 200 FX Programme which stands for the “Race to US$200 billion in FX Repatriation.
“While we commend the good intention of the CBN for these policies, particularly to drive support for the real sector of the economy, there is need to establish mechanisms for robust monitoring and evaluation which ought to be part of the plan to ensure that the support to drive export really comes to fruition.
The Manufacturers Association of Nigeria, who represents the interest of manufacturers in Nigeria, has offered to be a part of this process. We shall continue to offer recommendations to the government that will increase manufacturing sector’s contribution to the nation’s GDP, “ the MAN president said.
Continuing , he said “you are equally be aware of the N10/per liter excise duty on the non-alcoholic sweetened carbonated drinks which the Association has vehemently spoken against due to the negative impact on the economy with the end-users left to bear the cost.
Evidently, the sector will be negatively affected by the excise duty beyond the increase in production cost coupled with the impart of Covid-19 on our business environment, equally will be that of weaken the sector’s recovery process.
To a large extent, hindrances experienced in the productive sector are largely caused by policy inconsistency and somersaults which leave no room for proper planning and projection. Indeed, this has led many manufacturers to close shop and discouraged prospective investors who are unsure what the next move of Government will be.”
Notwithstanding, the Association will continue to strengthen its efforts to proactively engage policy makers through evidenced based advocacy so that Government can see through the eyes of operators and contribute to the growth and development of the Nation’s economy by the right policy choices.
This year, we shall endeavor to work more closely with you our partners, to explore innovative and more strategic advocacy mechanisms that will scale-up the performance of the manufacturing sector and its contribution to the economy.
Let me once again say thank you and congratulations in advance to our award winners, you deserve all the attention you are getting today from leading national business membership organization in Africa.
The award is designed to encourage journalists who cover the Commerce and Industry beat.
