Manufacturers decry lingering FX volatility, worry about effects on operations
25 September 2024 |
3:04 am
The Manufacturers Association of Nigeria (MAN), Cross River and Akwa Ibom branches have decried the instability and volatility of foreign exchange in the country, describing it as a major threat to their operations.
The Manufacturers Association of Nigeria (MAN), Cross River and Akwa Ibom branches have decried the instability and volatility of foreign exchange in the country, describing it as a major threat to their operations.
The acting chairperson of the association, Usen Umoh, made this statement during the association’s 17th yearly general meeting (AGM) in Uyo.
Speaking at the event, themed: “Innovative Pathways in Manufacturing: Transforming Challenges to Opportunities,” he noted that the naira’s instability has significantly increased raw material and production costs, putting manufacturers under immense pressure.
While stressing the need for a stable and predictable FX to help them plan and sustain operations, he listed other challenges including multiple taxes at all levels, rising energy costs, tariffs and difficulties in accessing funds.
“The manufacturing sector remains the bedrock of economic growth, providing jobs, fostering innovation and driving sustainable development. Our journey has, however, not been without challenges and I urge stakeholders to join hands in finding lasting solutions to the challenges facing the sector,” Umoh stated.
Governor Umoh Eno of Akwa Ibom, represented by his deputy, Dr Akon Eyakenyi, emphasised the importance of the manufacturing sector in job creation, industrialisation and economic prosperity.
He reaffirmed his administration’s commitment to improving the ease of doing business in the state, noting that a well-managed micro, small, and medium-scale enterprises sector is crucial for industrialisation. Eno highlighted his administration’s efforts to promote businesses and foster an entrepreneurial culture, encouraging citizens to seize opportunities to drive business growth.
He also called on business owners to pay their taxes and engage in corporate social responsibility projects to improve the quality of life in the state.
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