Exclusion of raw materials from forex market affects manufacturing sector —MAN

Exclusion of some essential raw materials from the official forex market has affected the manufacturing sector, Dr Frank Jacobs, President of Manufacturers Association of Nigeria (MAN), has said.

Jacobs said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.

According to him, if the manufacturing sector is well supported, it will boost the current economic situation and increase the rate of employment.

“The sector is facing serious challenges at the moment with the scarcity of foreign exchange and the exclusion of some essential raw materials from the official forex market.

“However, with the introduction of the flexible forex regime, we believe there may be some improvement in the sector,’’ Jacobs said.

He said that the downturn in the nation’s economy called for strong government’s resolve and commitment to re-energise it for increased revenue.

The MAN president said that any programme contemplated by the government could succeed if there was adequate revenue to execute such programmes.

“We should, therefore, take a cue from strategies adopted by other countries to overcome their downturns.”