Your Decision Will Collapse The Economy – MAN Warns FG Over CBN Dollar Policy On 43 Items

The Manufacturers Association of Nigeria (MAN) has warned the Federal government against its decision to lift the ban on foreign exchange restrictions on 43 items placed by the Central Bank of Nigeria (CBN).

The Vice Chairman of Basic Metal, Iron and Steel Products sector of the Manufacturers Association of Nigeria (MAN), Lekan Adewoye cautioned the federal government to reverse its decision in order to save the nation from looming job crisis, insecurity and outright collapse of the nation’s economy.

Adewole shared his reservations over the situation while featuring on a TVC Business Programme.

He totally condemned the new policy, adding that the lifting of the ban is capable of collapsing many healing industries in the country.

The industrialist vehemently disagreed with the development from the apex bank, saying, “The news came as a surprise to manufacturers who are still struggling to stay in business, CBN did not ban the importation of these items in 2015, the apex bank only put a restriction on the importation of these items.

“For items that can be produced in Nigeria, such manufacturers ought to be encouraged. This directive will further kill the manufacturing industry that is already struggling to survive.

“The problem is about policy somersaults, some of our members who have outrightly invested in backward integration will now start to regret this move because everyone who can assess FOREX will claim to be an importer, forcing sincere manufacturers to close shop and increasing the numbers of jobless persons.

“Nigerian manufacturers don’t really have any competitive advantage over those in other developing countries, at best, what you have is competitive parity, because something has to be an advantage if your competitors don’t have it. And the little incentive that government has provided now it has been removed by the directive from the Central Bank of Nigeria.”