Manufacturers Reemphasise Effective Monetary System

The Manufacturers Association of Nigeria (MAN) has urged the Central Bank of Nigeria (CBN) to adopt an effective monetary system to reverse the awkward situation caused by the Naira swap.

President of the association, Francise Meshioye made the call yesterday at the Annual MAN reporter of the year award. According to Meshioye, the association will remain committed to the principal objective of advocating for a conducive environment where manufacturing business can thrive, to create wealth and employment opportunities for the teeming unemployed youths in the society.

“If CBN has to release enough fund in circulation, they need to have effective monetary scheme or system to ensure that. If this is done, there will be no hoarding. If fund is released, it should be monitored effectively,” he said.

On extending the 10-day extension for the naira swap, Meshioye said, the court has granted injunction that there should not be another extension, urging the apex bank to make cash available to resuscitate businesses and the economy.

Meshioye noted that the association is also being strategic in its engagement during this electioneering year to place its issues on the front burner, saying “we have engaged the presidential aspirants on the importance of having a virile and competitive manufacturing sector.

“We have equally pushed at different fora with major political contenders to incorporate the need to accelerate the growth and development of the manufacturing sector in their economic agenda.”

He stated that “in this regard, we have availed all the political parties with our Blueprint for the Accelerated Development of Manufacturing in Nigeria as well as the agenda for manufacturing in Nigeria for the next 10 years.”

He also added that the fuel crisis has affected manufacturers badly, adding that at the end of the day, all products that have been produced have to be consumed by consumers who do not have cash to make payments.

Meshioye stated that, “during my tenure as president, with the support of the Secretariat, the association will reinvigorate its advocacy to improve evidence-based advocacy through proactive engagement with legislators, policymakers, regulators, and other stakeholders; increase the output of the manufacturing sector and its contribution to GDP to 20 per cent by 2030; increase export of Nigerian manufactured products to other African Countries and beyond; promote manufacturing sector employment through capacity building, new technologies, and professional advisory services; promote inclusive inter-industry linkage between SMIs and large corporations by encouraging the development of industry value chains, industrial parks, and collaboration with academia; among others.”