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MAN tasks CBN on mechanisms for robust policy monitoring

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COMFORT EKELEME

 

The Manufacturers Association of Nigeria (MAN) has said that there is a need to establish mechanisms for robust monitoring and evaluation of the proposed RT 200 FX Programme which stands for the “Race to US$200 billion in FX Repatriation.

Speaking in Lagos at the 6th edition of the MAN Reporter of the Year Award and Presidential Media Luncheon 2022, President of the Association, Engr Mansur Ahmed said the mechanism ought to be part of the plan to ensure that the support to drive export really comes to fruition.

He said, while we commend the good intention of the Central Bank of Nigeria (CBN) for these policies, particularly to drive support for the real sector of the economy, 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 the manufacturing sector’s contribution to the nation’s Gross Domestic Products (GDP),” he said.

While speaking on the N10/per liter excise duty on the non-alcoholic sweetened carbonated drinks which, Engr Ahmed maintained that “The sector will be negatively affected by the excise duty beyond the increase in production cost coupled with the impact of Covid-19 on our business environment, equally will be that of weakening 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 the government will be.

“Notwithstanding, the Association will continue to strengthen its efforts to proactively engage policymakers 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,” he stated.

He, however, maintained that the manufacturing sector deserves more critical attention, given the plethora of challenges that members of the association face in the course of production.

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. This is in spite of the several Central Bank of Nigeria 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”.

 

 

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