ECONOMY: MAN asks FG to direct fuel subsidy savings to real sector

Sun, Mar 3, 2024
By editor

Oil & Gas

THE Manufacturers Association of Nigeria (MAN) has asked the Federal and state governments to direct savings from the fuel subsidy removal to productive sectors of the economy.

It also urged sub-national governments to leverage the Electricity Act to improve the power sector and patronize made-in-Nigeria goods on all its purchases and contracts, urging the Central Bank of Nigeria (CBN) to develop a sustainable framework to guide credit intervention to the manufacturing sector.

MAN President, Otunba Francis Meshioye, who made these demands at the MAN Reporter of the Year award ceremony, also called on the CBN to prioritize FX allocation to the real sector and strategically guide remittances into the non-oil sectors like the manufacturing industry.

“Prioritize forex and credit allocation to the manufacturers and reduce the number of BDCs into large and well-established operators to curb their excesses and untoward operations through effective management and supervision,” Meshioye said.

According to the MAN boss, “The CBN should develop a sustainable framework to channel credit interventions into the manufacturing sector, outside the direct intervention. Additionally, it should mobilise commercial banks to intentionally provide long-term single-digit interest loans to the manufacturing sector to fast-track the actualization of a 1 trillion dollar economy.” 

He stressed the need for the apex bank to reduce the number of Bureau de Change operators (BDCs), so as to ensure the proper structure of their operations. – vanguard.


-March 03, 2024 @ 10:30 GMT|