By Merit Ibe
The Manufacturers Association of Nigeria (MAN) has advised the Central Bank of Nigeria (CBN) to establish mechanisms for robust monitoring and evaluation of its forex policies, which ought to be part of the plan to ensure that the support to drive export comes to fruition.
It said MAN, which represents the interest of manufacturers in Nigeria, has offered to be a part of this process and would continue to give recommendations to the government that will increase manufacturing sector’s contribution to the nation’s GDP.
MAN president, Mansur Ahmed, who made this appeal in Lagos, said the leadership of the association paid a courtesy visit to President Muhammadu Buhari and seized the opportunity to present the critical areas of need for the manufacturing sector among them, 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.
According to him, this is in spite of the several CBN policies such as the Naira4dollar scheme, ban on 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.
“While we commend the good intention of the CBN for these policies, particularly to drive support for the real sector of the economy, there is need to establish mechanisms for robust monitoring and evaluation which ought to be part of the plan to ensure that the support to drive export really comes to fruition.”
Ahmed also noted that to a large extent, hindrances experienced in the productive sector are largely caused by policy inconsistency and somersaults, which have caused improper planning and projection.
The association said this has led many manufacturers to close shop and discouraged prospective investors who are unsure what the next move of government will be.
He eassured that it will continue to strengthen efforts at proactively engaging policy makers through evidence-based advocacy so that government can see through the eyes of operators and contribute to the growth and development of the economy by taking right policy choices.
Noting that the manufacturing sector deserves more critical attention, given the plethora of challenges that members face in the course of production, the MAN boss said he was hopeful that with consistent push, there would be improvements in Nigeria’s manufacturing landscape.
On AfCFTA, the president noted that there has been significant progress in the process of implementation, adding that a number of protocols have to be put in place in form of institutions that have to be established across the continent and the different countries.
“Processes, policies and regulations that have to be agreed between the various countries are important. “Implementations means first, we have agreed on what to do, we need to now go ahead and put in place regulations, processes and procedures and the institutions that need to be on ground for trade to take place on the basis of the agreement.”