Flexible forex policy won’t solve our problems- Manufacturers

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Manufacturers have said that despite the recent adoption of a flexible foreign exchange rate policy by the Central Bank of Nigeria, the challenges in the sector have persisted and are getting worse.

The President, Manufacturers Association of Nigeria, Dr. Frank Jacobs, disclosed this in his recent assessment of the 365 days of the President Muhammadu Buhari administration.

According to him, although the CBN deregulated the forex market with the aim of curbing the scarcity of forex, the scarcity has persisted. He said, “The recent deregulation of the forex market may be seen as a partial solution to the forex challenge the country is facing; but in reality, the scarcity of forex has not abated.

“Consequently, manufacturing companies found it extremely difficult to source forex for the importation of essential raw materials and this has led to a number of closures of affected companies. In addition, discordant policy measures and pronouncements emanating from the various arms of government (Presidency, CBN, and Finance ministry) did not help matters as manufacturers found it difficult to plan their production.”

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