Manufacturers criticise CBN’s Forex allocation to Industrial sector

Manufacturers have described the current $567.31m allocated to the industrial sector by the Central Bank of Nigeria in the month of January as a drop in the ocean. The President, Manufacturers Association of Nigeria, Frank Jacobs, said this in Lagos. The CBN said last Thursday that it disbursed $2.83bn for the importation of equipment to the real sector of the economy between December 2016 and January 2017. Providing a breakdown of the allocation, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, stated that $609m and $228m were released for raw materials’ importation in December and January, adding that the manufacturing sector got $53m and $71m for raw materials, respectively in the period. In the automotive sector, the Chairman, Nigeria Automotive Manufacturers Association, Mr. Tokunbo Aromolaran, said his firm did not get any forex....

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