By Rukayat Moisemhe
Lagos, Feb. 10, 2021 Manufacturers and Industrialists on Wednesday appealed to the Federal Government and the Central Bank of Nigeria (CBN) for a review of the available Foreign Exchange (FX) policies in the country.
They said this would
support manufacturing’s import of unavailable local inputs.
Mr Mansur Ahmed, President, Manufacturers Association of Nigeria (MAN), said in a report made available to newsmen that the review was pertinent, owing to the nation’s efforts to steer the economy to recovery.
He said that the acute shortage of FX resulting in the erosion in naira parity had been a major operational nightmare to manufacturers in the country.
By Dike Onwuamaeze
Members of the organised private sector (OPS) have endorsed the construction of the railway line to run across some states in Nigeria and terminate at Maradi in Niger Republic.
President Muhammadu Buhari, on Tuesday, had justified the extension of the Kano-Katsina-Jibiya rail line to Maradi in Niger Republic, saying the project, when completed, will boost trade between the two countries, foster trans-Sahara trade and contribute to the expected gains of the African Continental Free Trade Area Agreement (AfCFTA).
Buhari, during the virtual groundbreaking for the Kano-Katsina-Jibiya-Maradi rail line, had noted that Jibiya and Maradi constituted a significant trading core between Nigeria and Niger Republic – a tradition dating back many centuries.
Forex: Nigerian manufacturers seek policy review, rates unification
Acute shortage of FX has resulted in the erosion in naira parity has been a major operational nightmare to manufacturers in the country.
Manufacturers and industrialists on Wednesday appealed to the Federal Government and the
Central Bank of Nigeria for a review of the available foreign exchange (FX) policies in the country.
They said this would support the import of unavailable local inputs for manufacturing.
Mansur Ahmed, president, Manufacturers Association of Nigeria (MAN), said that the review was pertinent, owing to the nation’s efforts to steer the economy to recovery.
He said the acute shortage of FX resulting in the erosion in naira parity had been a major operational nightmare to manufacturers in the country.
EXCLUSIVE: P&G lays off more workers but firm says not exiting Nigeria
The firm has struggled lately in the fast-moving consumer goods market it previously dominated for decades, as it faces higher cost. 4 min read
Procter and Gamble Nigeria, the local subsidiary of the American consumer goods maker, has laid off another batch of workers, and has significantly scaled down its operations in the country, indicating its troubled Nigeria operation and uncertain future there, but the firm says it does not plan to leave.
The firm has struggled in recent years to have a hold in the fast-moving consumer goods market it previously dominated for decades, and has faced stiff competition amidst an inclement business environment that has pushed operational cost constantly skyward.