The quest to boost Nigeria’s manufacturing sector has taken the first implementation as Central Bank of Nigeria, CBN has provided industrial operators with the sum of $660million worth of forex via the inter-bank market.
In a move to fulfill its promise to strengthen the manufacturing sector, which is considered to be the heart of the economy within and around the world, CBN assured that 60% of available foreign exchange would go to manufacturers. The initial demand targeted at more than $800million was reduced to $660million.
Our correspondent gathered that this will definitely ease up the mounting pressure on manufacturers who depends on foreign markets for their raw materials, including that of pharmaceutical, automobile, aviation, plant and machinery, power, telecommunications, printing, among others.
Economic experts believe that the injection would provide a new lease of life in the manufacturing sub-sector, thereby boosting industrial output and employment. This goes to buttress the commitment of the apex Bank to rejuvenate and sustain industrial activities and retention of jobs.
According to the Acting Director, Corporate Communications Department at the Central Bank of Nigeria (CBN), Isaac Okorafor, CBN was committed to ensuring that manufacturers of goods for which Nigeria does not enjoy comparative advantage were able to acquire letters of credit (LCs) to import the required materials for their businesses.
The director said the restrictions placed on the sources of forex by the apex bank had yielded some positive results in reforming manufacturing industries in the country.
Okorafor therefore urged manufacturers to take advantage of the policy, which he stressed is part of efforts by the CBN to ensure that Nigeria reclaims its status as a major producer through backward integration initiatives and conserve billions of Foreign Exchange spent on import bills annually.