The Manufacturers Association of Nigeria has urged regulators to engender an atmosphere that promotes fairness while safeguarding the interest of the consumers and protecting local manufacturers.
While acknowledging and encouraging consumers’ right to voice legitimate complaints, he sought the support of local manufacturers to elevate their perception of locally-made products. He further called for a shift in consumer behavior towards patronising domestic goods and showcasing their quality to the global market.
The MAN DG regretted that the current monetary phase would further limit credit interventions, increase the cost of loans, increase production cost, reduce access to funds and make local businesses uncompetitive. According to him, data provided by the World Trade Organisation , revealed that South African manufacturing export value was $46 billion, while that of Nigeria was $3 billion in 2022.
“The increase in merchant banks’ CRR and narrowing of the asymmetric corridor will further reduce the capacity of banks to lend to the productive sector. These, in addition to the high interest rates, will limit backward integration, research and development and innovation needed to enhance productivity and rapid industrial-led economic growth,” he said.
“Stabilise the value of the naira by managing the floating exchange rate within a business-friendly threshold and intensify ongoing reforms to boost the level of liquidity and degree of transparency in the official forex window. Prioritise FX and credit allocation to manufacturers and fast track the proposed recapitalisation of the banking sector,” he said.Before flagging, please keep in mind that Disqus does not moderate communities.