The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to reconsider its recently introduced Price Verification System, saying is one of many government policies adversely impacting manufacturers.
In an exclusive interview with the media, Segun Ajayi-Kadir, the Director-General of MAN, expressed concerns about the burdensome policies affecting manufacturers amid the country’s economic challenges.
Ajayi-Kadir stated, “We look forward to the reversal of so many unnecessary restrictions that were placed by the CBN. One of them is the price verification portal which, for all practical purposes, is quite unnecessary. It is affecting the businesses of our members who are not able to import raw materials, machines, and parts because the prices that they bought do not fall into the threshold of the portal. I think it is limiting businesses. The CBN should discontinue the operation of that portal.”
Highlighting the need for urgent action, Ajayi-Kadir urged the CBN to revisit its policies and remove obstacles affecting the real sector of the economy, emphasizing that the focus should be on revamping the economy and ensuring the adequacy of forex.
The CBN had launched the Price Verification System portal in August, making it mandatory for all applications for Forms M to be accompanied by a valid Price Verification Report from the newly established portal starting August 31, 2023.
The move aimed at enhancing transparency, accountability, and standardization in trade operations within the nation.
However, the introduction of the system faced opposition from members of the National Council of Managing Directors of Licensed Customs Agents, who argued that it contravened existing customs and excise laws on import valuation.
In a letter to various government authorities, the group urged President Bola Tinubu to disregard the circular from the apex bank regarding the introduction of the price verification system.
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Dangote Petroleum Refinery Set to Make History with Public Listing on NGX
Aliko Dangote, the president and chief executive of Dangote Industries Limited, has announced plans to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited (NGX).
Dangote expressed confidence in overcoming previous challenges related to crude oil supply, stating, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
The refinery, poised to commence operations in December, holds the promise of significant contributions to the Nigerian economy.
At full capacity, it is expected to produce 650,000 barrels of oil per day, with an initial rollout of 540,000 barrels daily.
The facility will produce 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel, sourcing crude from various Nigerian producers, including the state oil company.
A finalized deal for the delivery of the first cargo of approximately six million barrels next month signals the imminent realization of this ambitious project.
The refinery’s impact is anticipated to extend beyond the oil and gas sector, with projections suggesting significant cost savings for Nigeria by eliminating the need to import petrol.
Industry operators and government officials are optimistic about the transformative potential of the Dangote Refinery.
Akinwumi Adesina, President of the African Development Bank (AfDB), lauded the project as the best-industrialized initiative for Africa, projecting substantial savings for Nigeria and the continent as a whole.
As Nigeria’s largest refinery project, the facility has garnered praise from the Lagos Chamber of Commerce and Industry (LCCI).
Dr. Chinyere Almona, the LCCI Director-General, commended the visionary efforts of Aliko Dangote and the supportive federal government, emphasizing the refinery’s capacity to meet Nigeria’s refined petroleum product needs.
The impending listing on the NGX positions Dangote Petroleum Refinery as a catalyst for economic growth, energy security, and self-sufficiency in Nigeria and beyond.
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