The Manufacturers Association of Nigeria (MAN) has lamented huge losses incurred from the scarcity and sliding rates of foreign exchange.

The Chairman of the Basic Metals, Iron and Steel Fabricated Metal Sectoral Group of MAN and the National Council member of the union, Alh. Kamoru Yusuf, disclosed this when the team of the Senior Course 47 2025 of the Armed Forces Staff and Command College visited his KAM Holding Limited in Ilorin, Kwara State.

Yusuf said that manufacturers could not remit money for imported raw materials that had long been converted to finished goods and sold when the rate of foreign exchange was much lower than what it is now.

He appreciated President Bola Tinubu for churning out policies to save the naira, stem the tide of inflation, and stabilise the economy, “as well as tackle currency speculation, which had made the stability of our currency against the Dollar very challenging,” he added.

Represented by the Vice Chairman of the company, Dr. Mrs. Iyadunni Yusuf, expressed the belief that with the help and assistance of the government in the steel manufacturing sector, the sector and the country as a whole will be better off.

“It is our hope that your tour of our facility will further expose you to the numerous processes involved in the manufacturing of Iron and Steel Products and further build your confidence in the need to appraise our efforts in nation-building processes.

“As regards the theme of your visit, which is, ‘Harnessing Grassroots Intelligence for Enhanced Internal Security’, we all know that this encourages intelligence gathering through grassroots community engagement, as local intelligence can detect early signs of potential threats. Also, collaboration with local communities builds trust between citizens and security agencies,” Yusuf stressed.

In his remarks, the team lead of the Senior Course 47 2025 of the Armed Forces Staff and Command College, Jaji, Col. Mohammed, said that the purpose of the environmental visit to Kwara State was because of security challenges in the country, which he said made the College update its curriculum to include visiting some selected states in the federation.

He described the role being played by KAM Holding Limited in the state’s security as enormous, saying that the provision of employment to its workers had empowered even people that are not working in the company.

“It’s also gratifying that most of the workers are females that fall vulnerable in our community. Whether known or unknown, this is helping in solving some security issues within the state,” he said.