Prioritize FX allocation to our members, MAN urges CBN

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to prioritize forex allocation to the manufacturing sector and strategically guide remittances into the non-oil sectors. 

The group made the call through its president, Otunba Francis Meshioye while delivering a speech at the MAN Reporter of the Year award ceremony. 

“Prioritise 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.”

“The CBN needs to develop a sustainable framework to channel credit interventions into the manufacturing sector, outside the direct intervention. Additionally, it should mobilize commercial banks to intentionally provide long-term single-digit interest loans to the manufacturing sector to fast-track the actualization of a 1 trillion dollar economy”

Furthermore, the group’s President asked the federal government to direct savings from the fuel subsidy removal to productive sectors of the economy, encourage sub-national governments to leverage the Electricity Act to improve the power sector and patronize made-in-Nigeria goods on all its purchases and contracts. 

He also asked the Central Bank of Nigeria (CBN) to work towards reducing the number of Bureau De Change (BDC) operators and develop a sustainable framework to guide credit intervention to the manufacturing sector. 

According to him, the need to reduce the number of BDCs is premised upon the reduction of their excesses and ensuring the proper structure of their operations.

The call by the MAN’s President for credit intervention in the Manufacturing sector contrasts the position of the CBN leadership in recent times.