• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Manufacturers seek end to forex, energy crisis

Forex

The Matters Press by The Matters Press
November 4, 2022
Reading Time: 2 mins read
0
Scheme to repatriate $200bn in forex requires right mechanisms

The Manufacturers Association of Nigeria (MAN) have tasked the Federal Government and monetary authorities to address the foreign exchange and energy crises responsible for the unfavourable movements in manufacturing indicators.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Mr Segun Ajayi-Kadir, Director-General, MAN, made the call at the Commerce and Industry Correspondent Association of Nigeria (CICAN) workshop and recognition of individuals and firms on Thursday in Lagos.

The event had as its theme: “Manufacturing: Despite FX and Energy Crisis”.

Ajayi-Kadir said that the frontline challenges of inadequate foreign exchange and energy crisis dipped the manufacturing growth output from 5.8 per cent in the first quarter of 2022 to 3.0 per cent in the second quarter.

He said these challenges massively affected manufacturers that were already confronted by inclement operating environment, compounded by the COVID-19 pandemic and the current Russian-Ukrainian war.

According to him, manufacturing indicators such as capacity utilisation, contribution to real Gross Domestic Product (GDP) investment, employment, cost of production, competitiveness among others were also negatively impacted.

He noted that increase in cost of energy pushed up global inflation which affected the cost of importation across the world, including Nigeria.

He added that with the limited foreign exchange inflow from crude oil sales, foreign exchange demand pushed over the bounds of supply and contributed to the depreciation in Naira value.

The MAN DG stressed that the challenges must be adequately addressed to arrest further degeneration in the performance of the sector.

“In doing that, we consider the following measure critical such as the allocation of significant proportion of available foreign exchange to the productive sector, particularly manufacturing.

“Further investment in the electricity value chain must be carried out and government must commit to adding 10,000 MW to the current electricity distributed in the country.

“Also, we must embrace and support significant development of renewable energy mix as the country has huge potentials for solar and wind,” he said.

Ajayi-Kadir added that the scope of road infrastructure should be expanded and the tax credit scheme developed and refurbished.

Alhaji Akiko Dangote, Africa’s foremost business mogul, received the revolutionising manufacturing in Africa awards, while Mr Anthony Chiejina, Group Chief, Branding and Communication Officer, Dangote Group, received the corporate communications expert of the decade award.

Other awardees include Dr Muda Yusuf, for championing private sector cause, Mrs Omotayo Okewunmi, Public Relations Officer, MAN, for most efficient image maker and Ide John Udeagbala, National President, NACCIMA, for sustaining private sector advocacy.

Tags: Forex
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post

LCCI tasks stakeholders on micro insurance, pension plan

Covid-19 causes GDP’s contraction

Nigeria vows to boost domestic production, exports

Recommended Stories

Nigeria, WFP worry over food situation

South Sudan gets $8.1m food fund

July 17, 2022
Innoson to establish car fuel conversion centres

Innoson to establish car fuel conversion centres

July 24, 2023
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

World Bank urges Nigeria to fix public finances to promote development

November 21, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us