President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, has called on President Tinubu to direct the Central Bank of Nigeria (CBN) to liquidate outstanding FX forward obligations owed to manufacturers without further delay.

Meshioye also stressed that the unresolved commitments remained a concern despite improvements in FX market stability.
Speaking at the yearly general meeting of MAN Ikeja Branch in Lagos, he said the outstanding obligations represented valid contractual commitments and urged the Federal Government to address the backlogs to restore credibility, boost investor confidence, and demonstrate that Nigeria honours its contracts.

“While we acknowledge improvements in FX market stability, the issue of outstanding FX forward obligations owed to manufacturers by the CBN remains unresolved. These obligations represent valid contractual commitments,” he said.
He regretted that the issue has gone on for too long and that, despite repeated attempts to resolve it, their efforts have not yielded the desired results.

He also raised concerns over the continued influx of smuggled and substandard goods, describing the development as a major threat and drain to legitimate manufacturing.

He called on the government to strengthen border surveillance and equip regulatory agencies, including the Nigeria
Customs Service, Standards Organisation of Nigeria (SON), and National Agency for Food and Drug Administration and Control (NAFDAC), with the capacity needed to tackle the problem.

He urged the agencies to enforce trade laws without compromise, stressing the need to protect Nigerian industries and consumers from smuggling and substandard products.

He added that stronger border surveillance and enforcement would help protect legitimate manufacturers from unfair competition while safeguarding consumers from potentially harmful or substandard goods.

He noted that manufacturers today are operating under very strenuous conditions, battling high interest rates, rising energy costs, poor and, in some cases, non-existent infrastructure, and multiple taxation, all of which he said are detrimental to their survival.

“The operating environment today is defined by high interest rates and unsustainable energy costs. Monetary policy tightening has pushed lending rates to prohibitive levels. At the same time, erratic power supply and multiple taxation are eroding competitiveness. If we want manufacturers and the real sector to survive, it bears repeating that these problems must be tackled head-on,” he said.