President Muhammadu Buhari has promised to ease importation for manufacturers through forex supply.
He told the Manufacturers Association of Nigeria that his administration will do all possible to increase access to foreign exchange for the purchase of raw materials and machines that are not accessible locally.
Buhari stated this on Wednesday at the State House, during an advocacy visit by the leadership of MAN, in response to calls to increase the contribution of the manufacturing sector to the Nigerian economy.
According to a statement issued by his Special Adviser on Media and Publicity, Femi Adesina, headed ‘President Buhari commits to address forex supply to manufacturers for importation,’
The President informed MAN executives led by Mansur Ahmed that the relevant Ministry would reconsider their concerns about the increase in excise duties on the selected products and other tariff-related topics.
Concerning the African Continental Free Trade Area, the President stated that Nigeria would expedite the process of establishing the Designated Competent Authority, which will oversee the administration of Rules of Origin and Commission, as well as the automation for the issuance of electronic Certificates of Origin.
He went on to say that the Federal Government would also set up necessary structured venues for monitoring and evaluating the performance of the Ease of Doing Business, as well as increased government patronage of made in Nigeria items.
Our strategic goal to enhance manufacturing operations in the country is on track, he said.
He went on to say that the federal government would continue to use smart measures of wisely utilizing limited money to sustain the economy and boost growth.
Buhari also emphasized that, despite limited resources, his administration has made significant progress in the development of road and rail infrastructure, the provision of stimulus packages for the manufacturing sector, the improvement of energy management, and support for exporters in order to improve the operating environment for businesses in Nigeria.
These projects are on display for everybody to see. Furthermore, we are aggressively pursuing reforms on ease of doing business and are currently implementing other necessary policy measures and incentives that will ensure full recovery from the consequences of COVID-19, sustain economic development, and further protect the economy from the potential impact of fluctuations in crude oil prices in the global market.
