The Manufacturers Association of Nigeria (MAN) has urged both Chief Bola Ahmed Tinubu and state governors to channel the savings from the removal of fuel subsidies into productive sectors of the economy.
Also, it has called upon sub-national governments to utilize the Electricity Act to enhance the power sector and to favor domestically produced goods in all procurement and contractual activities.
MAN’s President, Otunba Francis Meshioye, made these appeals during the MAN Reporter of the Year award ceremony. Meshioye also emphasized the need for the Central Bank of Nigeria (CBN) to establish a sustainable framework for credit interventions in the manufacturing sector.
Furthermore, he urged the CBN to prioritize foreign exchange allocations to the real sector and to strategically direct remittances towards non-oil sectors such as manufacturing.
“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,” Meshioye said.
According to the MAN boss, “The CBN should develop a sustainable framework to channel credit interventions into the manufacturing sector, outside the direct intervention. Additionally, it should mobilise 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.”
He emphasized the importance of the central bank reducing the quantity of Bureau de Change operators (BDCs) to ensure the appropriate structure of their activities.
