The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has urged manufacturers to take the lead in diversifying Nigeria’s foreign exchange earnings away from crude oil.

Speaking at the 54th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), Apapa Branch, Cardoso—represented by the Director of Trade and Exchange, Aliyu Ashiru—said the country’s dependence on crude oil exports, which account for over 80 per cent of foreign inflows, had left the economy vulnerable to external shocks.

He noted that manufacturing held the potential to conserve forex, expand exports with value-added products, create jobs and strengthen macroeconomic stability, but stressed the need for a deliberate long-term strategy to unlock this potential.

Cardoso outlined pillars for manufacturing-led forex growth, including policy alignment, investment in infrastructure and energy, access to finance, backwards integration and export-oriented incentives such as tax holidays, duty waivers and investment guarantees.

“The CBN will continue to support the sector through proactive monetary policies and targeted financing interventions,” he assured.

MAN President, Francis Meshioye, said volatility in global oil prices had shown the urgency of diversifying Nigeria’s forex sources, identifying infrastructure, affordable finance, and export promotion as key areas for manufacturers. He also urged government intervention in industrial clusters in Lagos, where poor roads and drainage had hindered productivity.

Lagos State Governor, Babajide Sanwo-Olu, represented by Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, reaffirmed the state’s commitment to supporting manufacturing. He highlighted ongoing efforts to foster agro-industrial linkages and innovation-driven manufacturing to reduce import dependence.

Chairman of MAN Apapa Branch, Raphael Danilola, appealed to government to address persistent challenges, including power shortages, logistics costs, insecurity and forex volatility, stressing that these must be tackled for the sector to boost Nigeria’s foreign exchange earnings.