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Foreign Exchange: FG Moves To Ease Manufacturer’s Activities Through CBN

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The Federal Government is considering a subtle approach to ease the activities of exporting manufacturers in Nigeria by creating a foreign exchange window.

Naija News understands that the government was considering the plea by the manufacturers asking for maximum support for the sector by allowing operators to access forex through a special window to be created by the Central Bank of Nigeria.

The manufacturers had expressed optimism that if exploited, the initiative will put an end to a situation where operators go to the parallel market to source forex. The manufacturers contended that other countries like South Africa were already embracing such proposals as a means of encouraging manufacturing activities.

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Speaking, however, on Thursday during the Manufacturers Association of Nigeria Export Promotion Group’s Annual General Conference in Lagos, the Minister of Trade and Investment, Niyi Adebayo, said his ministry would initiate steps towards helping exporting manufacturers alleviate the impact of the current forex crisis.

Adebayo said: “MANEG is a formidable group. Write to me. I will see how I can use that as a reference to engage the CBN. As you know, the CBN is a monster of its own.

“I like the idea that you came up with, having a different window for manufacturers. The president just set up an economic team, and we have been meeting. Write to me, and we will see what we can do.”

Naija News understands that manufacturers amid many other factors have in recent years, suffered acute shortages of foreign exchange in the country.

This has constituted a major operational nightmare for the manufacturers who have repeatedly lamented the acute shortage of FX amid lack of locally available raw materials and machinery.

In its most recent Manufacturers CEO’s Confidence Index, MAN said its members had resorted to survival measures amid a worsening business climate.