Manufacturers Groan Over High Exchange Rate

The National President of the Manufacturers Association of Nigeria, Dr. Udemba Jacobs, and the Chairman of its Ogun State Chapter, Dr. Wale Adegbite, have identified high exchange rate, epileptic power supply among others, as being responsible for the nation’s stunted economic growth.

The duo spoke at the 31st Annual General Meeting of the association in Ota, with the theme, “Industries and the economy: Problems, prospects and the way forward.”

Jacobs said with the manufacturing industry facing enormous challenges, it called for those in the industry to begin to think out of the box, in order to remain in business.

He said, “I will like us to consider the option of resource-based industrialisation and greater utilisation of local raw materials for our production.

On the issue of electricity tariff increase, he said MAN had got an injunction restraining the Nigerian Electricity Regulatory Commission and distribution companies from implementing it.

On his own part, Adegbite said the economy had been experiencing stunted growth, despite the various reforms by the Federal Government, because “the reforms were not deep enough to accelerate the growth of the sector.”

Governor Ibikunle Amosun noted that the real sector should rescue the national economy, by taking advantage of the nation’s agricultural and natural resources.

The governor, who was represented by the Commissioner for Commerce and Industry, Bimbo Ashiru, said the state government had been having consultation with the Federal Government on the reconstruction of the federal roads in the state, and improving power supply.

The Commissioner for Environment, Bolaji Oyelese, appealed to the manufacturers to comply with emission and pollution rules, in order to avoid sanctions.