Former President, Manufacturers Association of Nigeria, Chief Kola Jamodu | credits: File copy
The Manufacturers Association of Nigeria on Sunday called on the Federal Government to review the Central Bank of Nigeria’s circular on the list of imported items not valid for foreign exchange allocation, which was issued last month.
Although the association believes that the CBN’s initiative aimed at raising local industrial capacity through effective foreign exchange management was manifested in the circular, the MAN President, Dr. Frank Jacobs, said, “It is our considered opinion that the bank should have considered the stakeholders in the initial articulation of the policy in view of some contentious issues we have noticed after the release of the circular.”
Jacobs said the policy would undoubtedly improve productivity and the well-being of the economy, as it was aimed at protecting locally produced goods, particularly items in which the country had sufficient capacity to produce.
Besides, he said the policy was also meant to block leakages in the seemingly overburdened foreign exchange market.
However, the MAN president said key among the contentious issues noticed in the circular was that most of the items were implicitly constituted, thereby grouping essential raw materials with finished products.
For example, he said in the case of tomatoes/tomato paste, the restriction of forex sale to the importers was good as the CBN was aiming to protect the huge investments in the sector.
Source: punch
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