Manufacturers Association of Nigeria Urges CBN to Reconsider Price Verification System

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.