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Business News of Thursday, 30 December 2021


Buhari promises to address forex supply to manufacturers

President Muhammadu Buhari President Muhammadu Buhari

President Muhammadu Buhari has promised to take appropriate measures to improve access to foreign exchange (forex) for the importation of raw materials and machines that are not available locally.

Buhari stated this during an advocacy visit of the leadership of Manufacturers Association of Nigeria (MAN), led by its President, Mansur Ahmed, to the Presidential Villa on Wednesday.

Buhari, while reacting to requests on making the manufacturing sector contribute more to the economy, said the relevant Ministry would revisit their concerns about the increase in excise duties on the identified products and other tariff-related matters

On the African Continental Free Trade Area (AfCFTA), the president said Nigeria would fast track the process of setting up the Designated Competent Authority that will superintend the administration of Rules of Origin and Commission as well as the automation for issuance of electronic Certificate of Origin.

According to him, the Federal Government will also ensure that relevant structured platforms are established for monitoring and evaluation of the performance of the Ease of Doing Business and improved government patronage of made in Nigeria products.

"Our strategic plan to boost manufacturing activities in the country is on course.

"We will continue to improve the patronage of locally made goods, bridge the gap between skills required by industry and those provided by our tertiary institutions and ensure seamless access to long term finance for our Small and Medium-Scale Enterprises (SMEs)."