Buhari promises to address foreign exchange supply to manufacturers for import

Buhari said this during an advocacy visit by the leadership of the Manufacturers Association of Nigeria (MAN), led by Mansur Ahmed, to the Presidential Villa Abuja on Wednesday.

The president, who was responding to calls to increase the manufacturing sector’s contribution to the Nigerian economy, said the relevant ministry would reconsider its concerns about increasing excise duties on identified products and other issues related to the Nigerian economy. prices.

Regarding the African Continental Free Trade Area (AfCFTA), the President said Nigeria will speed up the process of setting up the designated competent authority that will oversee the administration of rules of origin and the Commission as well as the automation of the issuance of the electronic certificate of origin. .

According to him, the federal government will also ensure that relevant structured platforms are established for monitoring and evaluating the performance of the ease of doing business and improving government sponsorship of products made in Nigeria.

Our strategic plan to boost manufacturing activity in the country is on track.

” We will continue to improve sponsorship of locally produced products, bridge the gap between the skills required by industry and those provided by our higher education institutions, and ensure transparent access to long-term funding for our small and medium-sized enterprises (SMEs).

” We recognize that MAN remains a key stakeholder in this journey and we will continue our engagement with you,” he said.

According to the president, an economy led by the private sector is the way to create jobs in the country.

He therefore urged MAN leaders to continue to encourage manufacturers to have the government recognize the resilience of their members and other private sector organizations in promoting a manly manufacturing sector in Nigeria.

I beg you to continue to support the government in our quest to provide the appropriate environment which will attract the necessary investments both domestic and foreign for the nation’s economy to flourish, ‘‘ he said.

Regarding the impact of COVID-19 on global economies, the President noted that while the pandemic has negatively impacted the Nigerian economy with the accompanying fluctuations in the price of oil, his administration has effectively contained the spread of the pandemic. and other diseases.

He added that the federal government would continue to systematically deploy prudent means of using limited revenues wisely to support the economy and stimulate growth.

President Buhari also reiterated that despite limited resources, his government has made good progress in developing road and rail infrastructure.

He said the government had also provided stimulus packages for the manufacturing sector; improving energy management and supporting exporters with a view to improving the operating environment for businesses in Nigeria.

These projects are there for everyone.

In addition, we are vigorously pursuing reforms on the ease of doing business and are putting in place other necessary policy measures and incentives that will ensure a full recovery from the consequences of COVID-19, support economic development and further protect the environment. economics of the potential impact of fluctuations in the price of crude oil on the world market.

“ I have listened carefully to all of the challenges listed by the president of MAN and I want to assure you that, as we have done in the recent past, we will take into consideration some of the constraints that have not yet been fully addressed. addressed, in particular those that align with our policies and programs for economic recovery and sustainable development.

“Let me assure you that this administration is fully aware that Nigeria’s survival lies in agriculture and in having a viable domestic manufacturing sector.

” I must emphasize here that when I say Agriculture, I am also referring to agro-allied activities which are the value-added component in the value chain.

” A strong manufacturing sector creates more jobs and wealth for our people.

“It will usher in lasting economic prosperity because we will produce what we consume as a nation and generate foreign exchange by exporting surpluses and substituting imports.”‘ he said.

In her speech, the Minister of State, Industry, Trade and Investment, Amb. Mariam Katagum pledged that the ministry would continue to work with MAN in the areas of politics, trade and environment creation to facilitate business growth in Nigeria.

MAN is in business to create a climate of opinion in this country so that manufacturers can operate efficiently and profitably for the benefit of all,” she said.

For his part, the president of MAN said that the advocacy visit was largely motivated by two things: namely, to thank the president for all the support given to the manufacturing sector since he took office in 2015, and to seek the urgent support of the federal government. for the manufacturing sector to overcome the constraining constraints of competitive manufacturing in Nigeria.

Regarding the challenges facing the sector, Ahmed said the association has formulated corrective measures for these challenges in the Master Plan for the Accelerated Manufacturing Development in Nigeria, which would be formally presented to the President in the first quarter of 2022. .

He did, however, point out some challenges that could be addressed immediately in order to improve the manufacturing environment.

They include: inadequate supply of foreign currency, inadequate power supply, limited access to long-term funds, sponsorship of Nigerian-made products and local content development, impending tax rate increases, among others .

Ahmed also took the opportunity to officially present the association’s new logo and annual report to President Buhari.

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