Udensi noticed that power greenback scarcity was affecting the manufacturing sector negatively.
“Manufacturing firms are unable to entry the greenback on the official charges they usually want it for importation of uncooked supplies.
“They’ve been consequently to go to the parallel market to get the greenback at increased charges.
“The sector is dealing with quite a few challenges and it wants pressing consideration of the Federal Authorities to offer enough bailout for the sector to keep away from complete collapse,’’ he mentioned.
Udensi careworn that the manufacturing sector would solely be capable of contribute to the nation’s financial progress if the quite a few challenges militating towards its clean operations had been tackled.
He listed the challenges as poor electrical energy, excessive lending charges, a number of taxes and levies by authorities companies, low patronage of made-in-Nigeria merchandise and congestion on the Lagos ports, amongst others.
“It’s our expectation that these recognized challenges be addressed by authorities to maneuver the nation from an import-dependent to a self-sufficient and export-based economic system.
“This could solely be made doable with consistency in governments’ insurance policies to ensure the required enabling setting in order that manufacturing firms are in a position to function at most capability,’’ he mentioned.
Equally, Mr Mansur Ahmed, Nationwide President of MAN, urged the CBN to direct industrial banks to course of FOREX allocation purposes by producers transparently.
He additionally referred to as on the Federal Authorities to evolve strategic response to the disruptive impression of the continued Russian-Ukraine struggle on the worldwide provide worth chain.
He, nonetheless, counseled Edo and Delta governments for prioritising youth empowerment by the Edo Innovation hub and the Graduate Employment Enhancement Programme in Delta.
Ahmed was represented by Dr Alofoje Unuigboje, a former Chairman of MAN, Edo/Delta chapter.
In her remarks, Prof. Mercy Anyiwe, a professor of Economics on the College of Benin, urged producers to leverage on innovation and expertise to make their merchandise aggressive on the international market.
She charged MAN to associate with analysis institutes and the academia to beat a few of their challenges.
The Annual Normal Assembly has “Nigeria’s struggling economic system/unstable macroeconomic insurance policies: Classes and challenges for the manufacturing sector’’ as its theme.
Udensi noticed that power greenback scarcity was affecting the manufacturing sector negatively.
“Manufacturing firms are unable to entry the greenback on the official charges they usually want it for importation of uncooked supplies.
“They’ve been consequently to go to the parallel market to get the greenback at increased charges.
“The sector is dealing with quite a few challenges and it wants pressing consideration of the Federal Authorities to offer enough bailout for the sector to keep away from complete collapse,’’ he mentioned.
Udensi careworn that the manufacturing sector would solely be capable of contribute to the nation’s financial progress if the quite a few challenges militating towards its clean operations had been tackled.
He listed the challenges as poor electrical energy, excessive lending charges, a number of taxes and levies by authorities companies, low patronage of made-in-Nigeria merchandise and congestion on the Lagos ports, amongst others.
“It’s our expectation that these recognized challenges be addressed by authorities to maneuver the nation from an import-dependent to a self-sufficient and export-based economic system.
“This could solely be made doable with consistency in governments’ insurance policies to ensure the required enabling setting in order that manufacturing firms are in a position to function at most capability,’’ he mentioned.
Equally, Mr Mansur Ahmed, Nationwide President of MAN, urged the CBN to direct industrial banks to course of FOREX allocation purposes by producers transparently.
He additionally referred to as on the Federal Authorities to evolve strategic response to the disruptive impression of the continued Russian-Ukraine struggle on the worldwide provide worth chain.
He, nonetheless, counseled Edo and Delta governments for prioritising youth empowerment by the Edo Innovation hub and the Graduate Employment Enhancement Programme in Delta.
Ahmed was represented by Dr Alofoje Unuigboje, a former Chairman of MAN, Edo/Delta chapter.
In her remarks, Prof. Mercy Anyiwe, a professor of Economics on the College of Benin, urged producers to leverage on innovation and expertise to make their merchandise aggressive on the international market.
She charged MAN to associate with analysis institutes and the academia to beat a few of their challenges.
The Annual Normal Assembly has “Nigeria’s struggling economic system/unstable macroeconomic insurance policies: Classes and challenges for the manufacturing sector’’ as its theme.
