Boosting the Naira: MAN Urges FG Support for Local Producers.
The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to bolster the country’s economy and enhance the international value of the naira by backing local producers. This call comes amidst commendations for President Bola Ahmed Tinubu’s initiative, the ‘Light-up Nigeria’ Project, aimed at fostering production in the South East region.
During the South East Business Roundtable launch of the Light-up Nigeria Project, Lady Ada Chukwudozie, Chairman of MAN in Enugu, Anambra, and Ebonyi States, emphasized that fostering local production through government patronage would not only elevate the naira against foreign currencies but also stabilize the economy by encouraging productivity and generating employment opportunities, particularly among the youth.
The Light-up Nigeria Project, spearheaded by Vice President Senator Kashim Shettima, stands as a significant stride towards enhancing energy supply to industrial clusters across the South East and the nation at large.
MAN advocates for governmental support of locally made goods to deter reliance on foreign alternatives. Strategies proposed include increasing tariffs on imported goods, providing incentives such as reduced customs tariffs on raw materials and machinery, and facilitating access to foreign exchange for procuring essential resources.
Chukwudozie underscored the importance of exclusive incentives for manufacturers, suggesting reduced duties on imported raw materials and machinery to foster productivity. She urged the government to streamline forex acquisition processes for manufacturers, facilitating smoother operations.
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The manufacturers expressed optimism regarding the Light-up South East Project’s potential to mitigate sectoral challenges in the region, renowned as the commercial hub of Nigeria. They pledged collaboration with governmental initiatives to address energy needs.
Additionally, MAN emphasized the significance of agricultural support in alleviating hardship and bolstering food security. They called upon the government to ensure farmers’ security, provide farming equipment, and distribute improved seedlings to boost agricultural productivity. This, they argued, would not only support domestic food sufficiency but also facilitate industrialization for export, rural development, and resource-based industries.
By prioritizing support for local producers and enhancing agricultural productivity, MAN believes Nigeria can strengthen its economy, elevate the value of the naira, and foster sustainable industrial growth.
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