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 Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
