Economy
Buhari Assures Manufacturers Better Supply of Forex
By Aduragbemi Omiyale
Members of the Manufacturers Association of Nigeria (MAN) have been assured of better access to foreign exchange (forex) for importation of raw materials and machines that are not available locally.
This assurance was given by President Muhammadu Buhari when he held a meeting with the group on Wednesday in Abuja.
Mr Buhari said he would look into the issue of the supply of forex raised by the group, noting that, “Our strategic plan to boost manufacturing activities in the country is on course.”
“We will continue to improve the patronage of locally made goods, bridge the gap between skills required by industry and those provided by our tertiary institutions and ensure seamless access to long term finance for our Small and Medium-Scale Enterprises (SMEs).
“We recognize that MAN remains a key stakeholder in this journey and we will continue our engagement with you,” a statement issued by Mr Femi Adesina, spokesman to the President, disclosed.
Mr Buhari, when he met with the team led by the leader of MAN, Mr Mansur Ahmed, stated that the relevant Ministry would revisit their concerns about the increase in excise duties on the identified products and other tariff-related matters.
On the African Continental Free Trade Area (AfCFTA), the President said Nigeria would fast track the process of setting up the Designated Competent Authority that will superintend the administration of Rules of Origin and Commission as well as the automation for issuance of electronic Certificate of Origin.
He added that the federal government would also ensure that relevant structured platforms are established for monitoring and evaluation of the performance of the Ease of Doing Business and improved Government patronage of made in Nigeria products.
Affirming his belief that a private sector led economy is the way to create jobs in the country, President Buhari urged the leadership of MAN to continue to encourage manufacturers that government recognizes the resilience of their members and other private sector organisations in promoting a virile manufacturing sector in Nigeria.
“I beseech you to continue to support the government in our quest to provide the appropriate environment that will attract the necessary investment both domestic and foreign for the upliftment of the nation’s economy,” he said.
On the impact of COVID-19 on world economies, the President noted that while the pandemic had an adverse impact on the Nigerian economy with the attendant fluctuations in the price of oil, his administration has effectively contained the spread of the pandemic and other diseases.
He added that the federal government would continue to consistently deploy prudent means of judiciously utilising the limited revenue to sustain the economy and stimulate growth.
Mr Buhari also used the occasion to reemphasize that in spite of limited resources, his government has made appreciable progress in road and rail infrastructure development; provision of stimulus packages for the manufacturing sector; improvement in energy management and support for exporters with a view to improving the operating environment for businesses in Nigeria.
“These projects are there for all to see.
“Furthermore, we are vigorously pursuing reforms on ease of doing business and currently putting in place other necessary policy measures and incentives that will guarantee full recovery from the consequences of COVID-19, sustain economic development and further shield the economy from the potential impact of fluctuations in the price of crude oil in the global market.
“I have listened carefully to all the challenges enumerated by the President of MAN and would like to assure you that, like we have done in the recent past, we will give consideration to some of the constraints that are yet to be fully addressed, especially those that align with our policies and programmes for economic recovery and sustainable development.
“Let me assure you that this Administration is fully aware that the survival of Nigeria lies in Agriculture and having a viable domestic manufacturing sector.
“I must emphasise here that when I say Agriculture, I also refer to agro-allied business which is the value-added component in the value chain.
“A strong manufacturing sector creates more jobs and wealth for our people.
“It will usher in sustainable economic prosperity because we will produce what we consume as a nation and generate foreign exchange by exporting surpluses and by import substitution,” he said.
In her remarks, the Minister of State, Industry, Trade and Investment, Ms Mariam Katagum, pledged that the Ministry would continue to work with MAN in the areas of policy, trade and creating an environment to facilitate the growth of businesses in Nigeria.
“MAN is in business to create a climate of opinion in this country so that manufacturers can operate efficiently and profitably for the benefit of all,” she said.
Speaking at the event, the MAN president said the advocacy visit was largely motivated by two things: namely, to thank the President for all the support extended to the manufacturing sector since his assumption of office in 2015, and seek the urgent support of the federal government for the manufacturing sector to overcome the binding constraints to competitive manufacturing in Nigeria.
On the challenges facing the sector, the MAN president said the association has articulated remedial measures for these challenges in the Blueprint for Accelerated Development of Manufacturing in Nigeria, which will be formally presented to the President within the first quarter of 2022.
The MAN leadership, however, highlighted a few challenges that could be addressed in the immediate term in order to improve the manufacturing environment.
They include: inadequate supply of foreign exchange, inadequate electricity supply, poor access to long term fund, patronage of Made-in-Nigeria Goods and local content development, looming increases in tax rate, among others.
Mr Ahmed also used the occasion to formally present the new logo and annual report of the association to President Buhari.
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has called on state and local governments to account for the N10.4 trillion they received from resources generated following the removal of the petrol subsidy.
The Director-General of NECA, Mr Adewale-Smatt Oyerinde, made the call on Channels Television’s Sunrise Daily on Thursday morning, a day after the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, disclosed details of the financial impact of the federal government’s economic reforms.
Mr Oyedele had said the removal of the petrol subsidy and reforms to the foreign exchange market mobilised N15.8 trillion for the Federation between June 2023 and December 2025.
According to the minister, the federal government received N5.4 trillion of the amount, while N10.4 trillion was distributed to state and local governments through the Federation Account.
Reacting to the disclosure, Mr Oyerinde said the states and local governments should now provide details of how the funds they received were utilised.
He particularly called on state commissioners for finance to disclose the amounts their respective governments received and how the funds were spent.
“Absolutely. I think it should trickle down. The commissioners of finance in states, you come out and also say, this is how much we’ve received; this is how much we have spent,” he said on the television programme.
Mr Oyerinde compared the expected disclosure by governments to the financial reporting obligations of private businesses, where companies present audited accounts and performance reports to shareholders.
“We believe strongly that as private businesses, at the end of the year you audit your accounts, you present your scorecard to your shareholders to gauge what we have done. The Minister of Finance has led the way now, and the states also should follow,” he said.
The NECA director-general urged state governments to provide a breakdown of the funds received, the challenges encountered and how the money was deployed.
“And so this is how much we have received. These are the constraints we face, and this is how we have expended this amount. I think we should move progressively towards transparency in government,” he said.
Mr Oyerinde commended the Federal Government for publicly disclosing details of its finances, describing the presentation by the finance minister as a step towards greater transparency in public administration.
He said the level of detail provided by Mr Oyedele would enable citizens and other stakeholders to better scrutinise government spending and assess the impact of the reforms.
The NECA boss also said greater disclosure by the sub-national governments would allow citizens to engage state and local governments more constructively on the use of public funds.
“I also put citizens, and I must say this, citizens are also in a good position now to engage constructively, engage the state governments constructively, and also engage local governments constructively, because that is where development should actually start,” Mr Oyerinde said.
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has said from the N15.8 trillion in subsidy savings, N5.4 trillion went to the federal government, and N10.4 trillion was shared between the 36 states and the 774 local governments of the federation between June 2023 and December 2025.
Mr Oyedele disclosed this on Wednesday in Abuja while presenting the federal government’s Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented, an assessment of the economic reforms implemented under President Bola Tinubu.
The finance minister said the N15.8 trillion in subsidy savings was distributed through the Federation Account, rather than being retained entirely by the federal government.
According to him, the central government received N5.4 trillion, representing about 34 per cent of the total savings, the states received N6.5 trillion, or 41 per cent, and the local councils received N3.9 trillion, representing about 24 per cent.
The combined N10.4 trillion allocated to states and local governments accounted for almost two-thirds of the total subsidy savings and was nearly twice the amount received by the federal government.
Mr Oyedele clarified that the N15.8 trillion should not be understood as money accumulated in a dedicated government account labelled “subsidy savings”.
Rather, he said the impact of the reforms was reflected in increased resources available to the federation through higher revenue collections, which were subsequently shared among the three tiers of government through the Federation Account.
The minister said the federal government’s N5.4 trillion share formed only one component of the additional resources available to it during the period.
It also recorded N3.1 trillion in incremental independent revenue, mainly from remittances by government-owned entities, and obtained N11.9 trillion in incremental borrowing.
Together, the three sources provided the federal government with N20.4 trillion in incremental resources between June 2023 and December 2025.
Mr Oyedele said the distribution of the subsidy savings underscored that the reform was not designed simply to increase Federal Government revenue, as a substantial portion of the additional resources accrued to the sub-national governments.
“The reform was never introduced for revenue purposes, but to address entrenched corruption in an artificially managed fuel subsidy and foreign exchange market,” he said.
He added that the federal government subsequently deployed its additional resources, alongside funds from its existing revenue base, to meet N30.64 trillion in incremental expenditure during the period.
Of the N20.4 trillion in incremental resources available to the federal government, borrowing accounted for 58 per cent, subsidy savings for 27 per cent and other revenue for 15 per cent.
The minister said the figures provided a clearer picture of how the financial impact of the subsidy reform was distributed across the Federation, with states and local governments collectively receiving the largest share.
By Aduragbemi Omiyale
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc has expressed satisfaction with the growing participation of non-interest financial institutions in its credit risk guarantees for loans to farmers, processors, aggregators, exporters and other businesses across multiple agricultural value chains.
The chief executive of the non-bank financial institution created by the Central Bank of Nigeria (CBN) to de-risk agricultural lending in the country, Mr Sa’ad Hamidu, said non-interest lenders accounted for well over 50 per cent of the loans guaranteed by NIRSAL in the first half of 2026.
In 2025, the company guaranteed more than N100 billion to beneficiaries, and according to Mr Hamidu, this figure has already been surpassed in 2026 year-to-date.
Speaking at the AFRACA Masterclass on Inclusive Finance for Climate Resilience and Artificial Intelligence for Financial Services and Agricultural Finance in Lagos, the NIRSAL chief stated that the trend demonstrates what becomes possible when appropriate risk-sharing frameworks create sufficient confidence for different forms of capital to participate in agriculture.
“At NIRSAL, we have always maintained that agriculture, especially in sub-Saharan Africa, is not underfinanced because opportunities do not exist, but because the risks have not been sufficiently understood, measured, appropriately priced, and managed,” Mr Hamidu, represented by the agency’s Executive Director of Operations, Mr Ewaen Imohe, said.
He explained that NIRSAL’s response has been to co-develop systems and financing frameworks that bring greater structure to agricultural value chains, better define and mitigate their risks, and improve financiers’ understanding of the sector and confidence to lend.
The NIRSAL boss described the masterclass as particularly timely, noting that climate change is no longer an abstract global concern but a practical reality confronting farmers, agribusinesses and their financiers every production season across Africa.
The programme’s first major theme, Inclusive Finance for Climate Resilience, exposed participants to the concepts, tools, and approaches required to understand climate risk and develop financeable adaptation and mitigation projects.
For the second major theme, Artificial Intelligence for Financial Services and Agricultural Finance, Mr Hamidu expressed the expectation that participants would move beyond the excitement surrounding AI to examine how it can improve risk understanding, transaction assessment, and financial decision-making in agriculture.
He also pointed to opportunities for technology to complement climate finance, blended finance, grants, and other innovative mechanisms capable of expanding the financial and technical resources available to African agriculture.
On deepening AFRACA-NIRSAL collaboration, he stated that, “AFRACA, for us, is a platform for knowledge, continental exchange, and global insight. On our part, we remain a results-driven source of practical experience for AFRACA member countries.”
