MAN urges CBN to supply forex to manufacturers

The Manufacturers Association of Nigeria (MAN) advised the Central Bank of Nigeria (CBN) to provide foreign exchange to manufacturers to increase their productivity.

Dr Wale Adegbite, former president of MAN, Ogun Chapter, gave the advice in an interview with the Nigeria News Agency (NAN) in Ota, Ogun on Wednesday.

Adegbite said the provision of foreign exchange would help manufacturers import their raw materials into the country and allow them to produce both for the domestic market and for export.

He identified poor access to currencies, also known as forex, as a major challenge facing the manufacturing sector.

According to him, the lack of foreign exchange is a major challenge facing manufacturers, as it makes it difficult for members to open letters of credit to import raw materials into the country.

“Manufacturers would prefer a solution to the currency shortage problem as this is the major area that grips our members.

“This is the area we want the federal government and the umbrella bank to work on urgently by providing adequate foreign exchange to manufacturers to make our job easier. “he said.

Adegbite said poor access to foreign exchange has kept manufacturers from producing to their maximum capacity.

He said that only when manufacturers are producing to the maximum level and making a profit will they be able to provide employment opportunities for the teeming youth of the country.

Adegbite also said it would also lower the country’s inflation rate further, as more goods and services would be provided.