Forex: Buhari promises to address importation and supply issues for manufacturers

President Muhammadu Buhari has assured that the Federal Government will take appropriate measures to improve access to foreign exchange for the importation of raw materials and machines that are not available locally.

The President gave the assurance to the Manufacturers Association of Nigeria (MAN) yesterday, while hosting the body’s leadership, in Abuja. He spoke in response to MAN’s requests on making the manufacturing sector contribute more to the Nigerian economy.

President Buhari told the Mansur Ahmed-led executives of MAN that the relevant Ministry would revisit their concerns on 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.

He added that the Federal Government would 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.

A statement by his spokesman, Femi Adesina, quoted Buhari as saying: “Our strategic plan to boost manufacturing activities in the country is on course”.

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