BREAKING NEWS, Business
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The Manufacturers Association of Nigeria advises manufacturers to source raw materials locally to reduce the pressure on foreign exchange
| By Anayo Ezugwu | Nov 30, 2015 @ 01:00 GMT |
THE Manufacturers Association of Nigeria, MAN, is urging manufacturers to pay greater attention to local sourcing of raw materials as an alternative for foreign imports. The agency said this would reduce pressure on the demand for foreign exchange in the country.
Frank Udemba, president, MAN, noted that the time for an increased local sourcing of raw materials has come considering the Central Bank of Nigeria, CBN, policy banning the use of foreign exchange for imports into the nation. He explained that the recent CBN’s circular on the use of foreign exchange for imports has adversely affected the capacity of the manufacturing sector to source for foreign inputs.
According to him, the association had objected to the superfluous restriction and expects a review of the policy in the near future. “This action is indicative of the policy orientation of government and its aversion towards the importation of otherwise locally available inputs and items. This means that the time for the increased local sourcing of our raw materials has come. MAN is in support of this proposition and going forward, local sourcing of raw materials should be our first consideration,” he said.
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