MAN lists real sector woes, asks FG to address them


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By Tunde Oso

The Manufacturers Association of Nigeria, MAN, has urged the Federal Government, FG, to adequately meet the real sector credit needs at single digit interest rate and also address the other challenges bedevilling the manufacturing sector.

MAN, which made this known in its Manufacturers CEOs Confidence Index second quarter report sent to Vanguard, said that the government should address other challenges like: poor access to foreign exchange (forex), high cost of power, multiple taxation, port challenges, over regulation and poor access to funds, scarcity of raw materials and low patronage.

According to MAN, the new Central Bank of Nigeria, CBN, policy that stopped allocation of forex to the Bureau de Changes (BDC) segment of the foreign exchange market has further increased the responsibilities of commercial banks in handling forex sales and applications in the economy.

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Source: Vanguard Newspaper