MAN President Urges CBN on Robust Monitoring, Evaluation Mechanism for Forex Policy Programmes

The Manufacturers Association of Nigeria (MAN), the Manufacturers’ umbrella body in its efforts to ensure that the support to drive export comes to fruition has called on the Central Bank of Nigeria (CBN) to establish robust monitoring and evaluation mechanisms of its forex policies.

MAN president, Engr. Mansur Ahmed, who made this call at the 6th Edition of The MAN Reporter of The Year Award/Presidential Media Luncheon held at MAN House, Ikeja, Lagos, declared that MAN, which represents the interest of manufacturers in Nigeria is ready 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 Gross Domestic Product (GDP).

Ahmed disclosed that the leadership of the Association recently paid a courtesy visit to President Muhammadu Buhari, used the occasion to present and discuss the critical areas of need for the manufacturing sector as well as the hardship being experienced by manufacturers in obtaining forex to procure raw materials and spare parts that are not locally available.

He also faulted the Government over its inability to strengthen policies geared at boosting the productive sector, stressing that the hindrances experienced in the productive sector are largely caused by policy inconsistency and somersaults which leave no room for proper planning and projection.

He maintained that these challenges are still there despite the several CBN policies such as the Naira4dollar scheme, Ban of Sale of Forex to BDCs and the recently proposed RT 200 FX Programme also known as the “Race to US$200 billion in FX Repatriation.

He however commended the CBN for these policies which are particularly intended to drive support for the real sector of the economy and harped on the need to establish mechanisms for robust monitoring and evaluation to ensure that the support to drive export really comes to fruition.

He stated further “You are equally be aware of the N10/per liter excise duty on the non-alcoholic sweetened carbonated drinks which the Association has vehemently spoke against due to the negative impact it has 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 impact of COVID-19 on our business environment, equally will be that of weakening the sector’s recovery process.”

He highlighted that as a result of these hindrances many manufacturers have to close shops while   prospective investors are discouraged because they are unsure what the government’s next move will be.

The MAN president reiterated that the Association will continue to strengthen its efforts to proactively engage policy makers through evidenced based advocacy to make the government see through the eyes of operators and contribute to the growth as well as development of the nation’s economy by making 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,” Ahmed assured.