MAN Lauds CBN Over Forex Allocation

The Manufacturers
Association of Nigeria (MAN) has lauded the nation’s apex bank, the Central Bank of Nigeria (CBN) over forex allocations to members of the Association.
A statement in Lagos on Monday by the President of MAN, Frank Jacob, said the meeting the body had with the CBN Governor Mr Godwin Emefiele, seems to be bearing fruit as manufacturers are now getting more forex allocations.
Jacob said that though forex allocations to the manufacturers has been a challenge for almost a year now, but the situation is getting a little better for members of the association, stressing that aside the 41 items not valid from accessing the forex by the CBN, 10 other sectors of MAN have indicated that they are now being allocated forex to do their businesses which was not happening before.
The MAN President insisted that for the economy to be fully diversified interest rate on loans given by the banks should range between three to five per cent as is done in developed economics globally, adding that the fall in oil prices has made it necessary for the country to diversify from an oil dependent economy to manufacturing and agriculture.
Jacob maintained that MAN stands by its resolution and position on the deregulated of the downstream oil sector to encourage private participation with individual effort to build modular refineries.
He said “whether we need more modular refineries or turn around maintenance should be done on the existing refineries, what we need is fuel in the country and any one that can provide that is welcome and hopefully by 2018 Dangote’s refinery would start working and fuel scarcity would be a thing of the past.
He urged government to reduce the interest rate to make the nation get revenue from other sectors.