Buhari’s land border closure killing export –MAN
The Manufacturers Association of Nigeria (MAN) has said the land border closure mandated by President Muhammadu Buhari to stop importation of rice into the country is killing efforts by Nigerian exporters to export goods to West African nations.
The president of MAN, Mansur Ahmed, who disclosed this to the media in Lagos said many manufacturing companies are finding it difficult obtaining foreign currency Forex to import raw materials and spare parts, saying over 40 per cent of dollar needs of MAN members are unmet.
As a result of the above, he said their members are not operating at full capacity.
In spite of this, he revealed that inventory of unsold goods is on the rise and stands at a record high value of N402.4 billion ($1 billion) as consumer spending has fallen drastically due toCOVID-19pandemic.
Thus, declaring that MAN supports the move by President Buhari to stop importation of food and fertiliser into the country as a result of lack of food in the country owing to incessant attacks by Fulani herds’ men and other terrorists across the country is wrong.
He, however, did not say how to assuage it. Ahmed, also, complained about unreliable electric power supply nation-wide, maintaining that it is forcing MAN members to spend more than 38 per cent of their production costs on alternative power, even as it urged government to intervene in the situation in the overall interest of the country.
The high inventory of Nigerian manufacturers Ahmed said confirms “the reality that the disposable income of the consumers has been grossly eroded”, adding that Nigeria’s economy contracted 6.1% in the second quarter due (Q2) to the impact of the lockdown.
