Buhari Assures Manufacturers Of Forex

By Fola James

President Muhammadu Buhari has assured the Manufacturers Association of Nigeria, MAN that his administration would give the association more access to foreign exchange for the purchase of raw materials and machinery. But the president, however,  said government will only provide forex for equipment and raw materials that cannot be produced locally

Buhari gave the assurance on Wednesday after the leaders of the association paid him an advocacy visit in Aso Rock, Presidential Villa, Abuja, led by MAN president Mansur Ahmed.

According to Buhari  “Our strategic plan to boost manufacturing activities in the country is on course. We will continue to improve the patronage of locally made goods, bridge the gap between skills required by industry and those provided by our tertiary institutions and ensure seamless access to long-term finance for our Small and Medium-Scale Enterprises (SMEs).

“We recognise that MAN remains a key stakeholder in this journey and we will continue our engagement with you,” he said.

Buhari said the government has been supporting the nation’s private sector because of its potentials to create more jobs, urging MAN to work harder to  advance the nation’s manufacturing sector.

“I beseech you to continue to support the Government in our quest to provide the appropriate environment that will attract the necessary investment both domestic and foreign for the upliftment of the nation’s economy,” he said.

President Buhari also used the occasion to highlight the giant strides his administration has made in the area of providing critical infrastructure for the economy.

Buhari said “These projects are there for all to see. Furthermore, we are vigorously pursuing reforms on ease of doing business and currently putting in place other necessary policy measures and incentives that will guarantee full recovery from the consequences of COVID-19, sustain economic development and further shield the economy from the potential impact of fluctuations in the price of crude oil in the global market.

”I have listened carefully to all the challenges enumerated by the President of MAN and would like to assure you that, as we have done in the recent past, we will consider some of the constraints that are yet to be fully addressed, especially those that align with our policies and programmes for economic recovery and sustainable development.

”Let me assure you that this Administration is fully aware that the survival of Nigeria lies in Agriculture and having a viable domestic manufacturing sector. I must emphasise here that when I say Agriculture, I also refer to Agro-Allied business, which is the value-added component in the value chain.

”A strong manufacturing sector creates more jobs and wealth for our people. It will usher in sustainable economic prosperity because we will produce what we consume as a nation and generate foreign exchange by exporting surpluses and by import substitution,” the president said.