Manufacturers to get more access to forex in 2022-Buhari

President Buhari has said that manufacturers will in 2022 get more access to foreign exchange that would help them to import basic raw material and agro-allied equipment that are not locally available in the country. Answering question from the executives of the Manufacturer Association of Nigeria (MAN), who sought his help in making the Nigerian economy more viable for manufacturing, Buhari said that the relevant ministry would revisit their concerns about the increase in excise duties on the identified products and other tariff-related matters.

According to the President ‘‘I have listened carefully to all the challenges enumerated by the President of MAN and would like to assure you that, as we have done in the recent past, we will give consideration to some of the constraints that are yet to be fully addressed, especially those that align with our policies and programmes for economic recovery and sustainable development. Let me assure you that this administration is fully aware that the survival of Nigeria lies in agriculture and having a viable domestic manufacturing sector.

‘‘I must emphasise here that when I say agriculture, I also refer to agro-allied business which is the value-added component in the value chain. A strong manufacturing sector creates more jobs and wealth for our people. It will usher in sustainable economic prosperity because we will produce what we consume as a nation and generate foreign exchange by exporting surpluses and by import substitution.”