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President Buhari meets with MAN, assures a strong Manufacturing Sector, promises to tackle standing issues, and improve Forex supply for Manufacturers.

President Buhari meets with MAN, assures a strong Manufacturing Sector, promises to tackle standing issues, and improve Forex supply for Manufacturers.

President Buhari sited in a meeting

In a meeting between the president and Manufacturers Association of Nigeria (MAN), The President addressed several issues besetting the sector, assuring them of his full support of the sector, expressing his acknowledgment of the importance of the sector and highlighting how manufacturing and local content development is center to his plans for driving economic prosperity.

This is according to his address in a presentation titled ‘President Buhari promises to address Forex supply to manufacturers for importation’, presented by his Special Adviser on Media on Publicity, Femi Adesina.

Saying ‘‘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…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”

Speaking during the meeting, the MAN leadership highlighted pressing areas that need addressing in the immediate term, like, shortage of foreign exchange; which has made importation of machinery and other products not locally produced difficult, poor patronage of Made-in-Nigeria goods and local content development, increasing tax rates, as well as other long-standing issues like insufficient power supply, poor access to long-term loans.

In response, the President assured them by saying ‘‘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.”

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‘‘We recognize that MAN remains a key stakeholder in this journey and we will continue our engagement with you,’’

As touching the African Continent Free Trade Area

The President assured prompt execution in setting up the competent authority saddled with the responsibility of overseeing the administration of Rules of Origin and Commission, and the issuance of electronic Certificate of Origin.

On the effect of COVID-19

The President highlighted that his administration has successfully contained the spread of the Virus, and despite the negative effect the pandemic has had on the economy, especially the effect caused by the fluctuation in oil price, his administration is adopting judicious means to utilizing the limited revenue for the sustainability of the economy, stimulate growth, and put measures in place to better prepare the country for future occurrence of unforeseen incidences.

Meanwhile, impressive progress is already underway, according to the president, in road and rail infrastructure development; provision of stimulus packages for the manufacturing sector; improvement in energy management and support for exporters to improve the operating environment for businesses in Nigeria. “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.” The President said.

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