Archive High exchange rate detriment to the growth of the...

High exchange rate detriment to the growth of the manufacturing sector – MAN President

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Jude Chukwuemeka

The Director General of the Manufacturers Association of Nigeria (MAN), Mr. Remi Ogunmfun recently spoke with newsmen on the difficulties encountered by manufacturing companies in Nigeria due to electricity tariff hike.

Mr. Ogunmefun said there is need for President Muhammadu Buhari’s administration to hit the ground running by initiating infrastructural projects in the country.

According to him, many manufacturers are going through difficult times. However, MAN is committed to providing goods required for the factoris involved in manufacturing to fare better without relying too much on importation.

The problem of power failure has made manufacturers to resort to the use of generators or gas for generating energy needed to manufacture or create finished goods. In addition to that, lack of infrastructure means that rail services in the country are not efficient enough. Couple that with bad roads, inadequate water supply and other frastructure needed for economic growth.

Mr. Ogunmefun said that MAN’s mandate is to empower Nigerians to produce what they need so that there will be less ned for importation. If things like toiletries, furniture, iron-rods, roofing sheets and others are produced in Nigeria, coupled with more access to funds, manufacturers can plan on expansion projects which are also to benefit the economy in the long run.

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