…..announces strategies to boast manufacturing ,volume of manufactured goods for exports
The Manufacturers Association of Nigeria, MAN, says failure to speedily address scarcity of the redesigned naira notes as well as the persistent fuel scarcity have been affecting manufacturers in the country.
The MAN President, Mr Francis Meshioye, stated, this at the 2023 Edition of the MAN Reporter of the Year Award and Presidential Media Luncheon, in Lagos.
Mr Meshioye pointed out that if the people do not have money to purchase manufactured products, then manufactures are going to have a lot of stock which implies Lots of money will be tied down.
According to him it is not all goods and services that require electronic transfer.
The MAN President noted that poor internet service was another problem when it comes to electronic transfer.
Mr Meshioye expressed regret that the implication of this is that lots of raw materials might be wasted while manufacturers would be idle.
The MAN President advised the Central Bank of Nigeria, CBN Governor to ensure that enough funds are released before phasing out the old naira notes.
He urged the CBN Governor to extend the deadline if they know that there will not be enough money in circulation by 10th of this month.
The MAN President, promised that his administration will proactively engage with legislators, policymakers, regulators, and other stakeholders towards ensuring increase in output of the manufacturing sector and increasing the sectors contribution to GDP to 20% by 2030.
He said the advocacy would also be aimed at increase export of Nigerian manufactured products to other African Countries and beyond.
The high point of the event was presentation of MAN Reporter of the year awards to outstanding journalists from Radio, TV, Print and online media as well as Photojournalist.