By Merit Ibe
The Manufacturers Association of Nigeria (MAN) has urged the Central Bank of Nigeria (CBN) to adopt an effective monetary system to reverse the awkward situation caused by the naira swap.
President of the association, Francis Meshioye, made the remark yesterday at the Annual MAN Reporter of the Year award, where he noted that the association will remain committed to the principal objective of advocating for a conducive environment where manufacturing business can thrive, to create wealth and employment opportunities for the teeming unemployed youths in the society.
“If CBN has to release enough fund in circulation, they need to have effective monetary scheme or system to ensure that. If this is done, there will be no hoarding. If fund is released, it should be monitored effectively.”
On extending the 10-day extension for the naira swap, Meshioye said the court has granted injunction that there should not be another extension, urging the apex bank to make cash available to resucitate businesses and the economy.
Meshioye noted that the association is also being strategic in its engagement during this electioneering year to place its issues on the front burner.
“We have engaged the presidential aspirants on the importance of having a virile and competitive manufacturing sector. We have equally pushed at different fora with major political contenders to incorporate the need to accelerate the growth and development of the manufacturing sector in their economic agenda.
“In this regard, we have availed all the political parties with our Blueprint for the Accelerated Development of Manufacturing in Nigeria as well as the agenda for manufacturing in Nigeria for the next 10 years.”
Acknowledging the place of the press, the MAN boss said he was positive that together “we can get the government to implement policies that would guarantee the sustainability of the economy’s productive sector. Gentlemen of the press, your outstanding support through the years is indeed worthy of commendation. Partnering with you is such a worthy undertaking. Thank you for your selflessness and your significant contribution to our advocacy mandate.”
He lamented that the fuel crisis has affected manufacturers badly, adding that at the end of the day, all products that have been produced have to be consumed by consumers who do not have cash to make payments. “If the consumers do no have the cash, with which to purchase the products, then there will be a lot of unsold . That means a lot of money will be tied down.
The scarcity will stop industries from producing the quantity needed because we rely heavily on these products.
“The implication is that we have a lot of idle time and we will have to pay for that. We are incurring a lot of losses by the scarcity.”
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