MAN laments losses caused by scarcity, foreign exchange sliding rates

Members of the Manufacturers Association of Nigeria (MAN) have lamented the huge losses currently being recorded due to the scarcity and volatility of foreign exchange rates.

Speaking during a visit by officers of Senior Course 47 (2025) from the Armed Forces Command and Staff College, Jaji—led by Col. Usman Hashim Mohammed—to the corporate headquarters of KAM Holding Limited in Ilorin, Chairman and Group Managing Director (GMD) of the company, Dr. Kamoru Yusuf, said manufacturers were unable to remit payment for imported raw materials that had already been converted to finished goods and sold when exchange rates were much lower.

Dr. Yusuf, who also serves as Chairman of the Basic Metals, Iron and Steel Fabricated Metal Sectoral Group of MAN and is a member of the MAN National Council, however, commended the current Federal Government for initiating policies aimed at stabilising the naira, curbing inflation, and addressing currency speculation—challenges he noted had made maintaining a stable exchange rate difficult.

Represented by the Vice Chairman of the company, Dr. (Mrs.) Iyadunni Yusuf, he expressed optimism that with continued government support for the steel manufacturing sector, both the industry and the nation would benefit immensely.

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“It is our hope that your tour of our facility will further expose you to the numerous processes involved in manufacturing iron and steel products, and strengthen your confidence in our contributions to nation-building,” he said.

Commenting on the theme of the visit, ‘Harnessing Grassroots Intelligence for Enhanced Internal Security’, he emphasised that local intelligence is vital to identifying early warning signs of threats, while collaboration with local communities fosters trust between citizens and security agencies.

Dr. Yusuf also highlighted the company’s role in reducing unemployment, noting that job creation directly contributes to national security.

“In fact, we know that once people are gainfully employed, the crime rate will drop, thereby enhancing national security. If more entrepreneurs invest heavily in manufacturing, as our founder and GMD has done, unemployment will reduce drastically. This will also boost our GDP—an indicator of socio-economic development—and ultimately enhance national security,” he added.

He urged the government to continue supporting manufacturing investments as a means to generate employment and strengthen internal security.

Participants of the Senior Course 47 comprise senior military officers from various branches of the Nigerian Armed Forces and allied nations.

In his remarks, team lead Col. Usman Mohammed explained that the purpose of their visit to Kwara State was prompted by the evolving security challenges in the country, which had led the College to revise its curriculum to include visits to selected states.

“Initially, the theme of the programme focused on youth empowerment and employment, but due to prevailing security issues, it was revised to focus on ‘Harnessing Grassroots Intelligence for Enhanced Internal Security’,” he said.

Col. Mohammed praised KAM Holding Limited for its significant contributions to security through job creation, noting that its impact extended beyond direct employees to the wider community.

“It’s also commendable that many of the workers are women, who are often among the most vulnerable in our society. Whether knowingly or not, this is helping to address security concerns in the state,” he said.

He urged the company’s management to leverage its internal network to enhance intelligence-gathering among staff and share relevant information with security agencies to support the government’s security efforts.

While expressing appreciation for the warm reception, Col. Mohammed added, “I never knew we had something like this in Nigeria, let alone in Kwara State.”

NIGERIAN TRIBUNE