We are not benefitting from CBN forex policy – Manufacturers

President, Manufacturers Association of Nigeria, Frank Jacobs.


The Manufacturers Association of Nigeria (MAN) says its members are not benefitting from the Central Bank of Nigeria (CBN) policy on the allocation of 60 per cent of foreign exchange to the local manufacturing sector. This is even as the association has expressed support for the sale of government holdings in some national assets to raise money to tackle the recession buffeting the economy.

Speaking ahead of its ‘Manufacturers Yearly Lecture’, MAN President, Dr. Frank Jacobs said, “Nigeria Liquefied Natural Gas (NLNG) is a profitable company, government has huge share of 51 per cent which is managed efficiently by the private sector. If government reduces equity from some of these assets, they would function properly. Both foreign and local investors have lost confidence in doing business in the country. If reduction of national assets would bring back investors that would be a laudable initiative.

“We are engaging CBN on the forex allocation, although we have not really benefitted from it but that does not mean that the government is not sensitive to our course.”

Jacobs said it will take a lot to bring the country out of recession and government must “get its acts right and be strategic too”.