Manufacturers wants CBN to prioritize FX allocation to members
By Uzezi Samuel
The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to prioritize forex allocation to the manufacturing sector and strategically guide remittances into the non-oil sectors.
MAN President, Otunba Francis Meshioye made the call while delivering a speech at the MAN Reporter of the Year award ceremony.
“Prioritize forex and credit allocation to the manufacturers and reduce the number of BDCs into large and well-established operators to curb their excesses and untoward operations through effective management and supervision.”
“The CBN needs to develop a sustainable framework to channel credit interventions into the manufacturing sector, outside the direct intervention. Additionally, it should mobilize commercial banks to intentionally provide long-term single-digit interest loans to the manufacturing sector to fast-track the actualization of a 1 trillion dollar economy”
Meshioye asked the federal government to direct savings from the fuel subsidy removal to productive sectors of the economy, encourage sub-national governments to leverage the Electricity Act to improve the power sector and patronize made-in-Nigeria goods on all its purchases and contracts.
He also urged the Apex Bank to ensure a reduction in the number of Bureau De Change (BDC) operators and develop a sustainable framework to guide credit intervention to the manufacturing sector.
