• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 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

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

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

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 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

Decades after oil exploration, Nigeria gets first private Petroleum Refinery, Petrochemicals

NIMASA, Dangote Refinery unveil committee to tackle operational concerns

January 24, 2024
100 millionaires emerge at Dangote promo

100 millionaires emerge at Dangote promo

October 27, 2022
Council seeks incentives to boost indigenous ship operations

24 ships with imported goods expected at Lagos port

July 27, 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

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

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