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....

Manufacturers lobby CBN for forex

TVC E, BUSINESS - The Leadership of the Manufacturers association of Nigeria have continued to mount pressure on the Central Bank to consider direct sale of dollars to its members. If approved, the measure would require  the apex bank by-passing the commercial lenders by selling foreign-currency directly to the end users as a last ditch effort to keep the manufacturing firms afloat and safeguard  jobs in the system . The Nation learnt that MAN, which has about 2,700 members, proposed weekly auctions of dollars to manufacturing businesses at a meeting with CBN Governor, Godwin Emefiele in Abuja, the capital, during the week of February 22, according to Ali Madugu, a Vice President at the lobby group. “We’re calling for the central bank to start giving to us directly, hand-to-hand, rather than through the banks,” Madugu, who is also managing director of Kano-based Dala Foods Ltd., a food processor, said in an interview in...