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Buhari Speaks On FOREX, Promises To Address Importation And Supply Issues

President Muhammadu Buhari has promised that his administration will address without hesitation issues relating to foreign exchange and importation of raw materials and machines that are not available locally.

News360 Info understands that the number one citizen of Nigeria on Wednesday reiterated his government’s commitment towards growing manufacturing activities in the country when he played host to the leadership of the Manufacturers Association of Nigeria (MAN) at the Presidential Villa, Abuja.

Addressing MAN in a statement made available to newsmen today shortly after playing host to the business-oriented group, President Buhari said the relevant ministry would revisit MAN’s concerns about the increase in excise duties on the identified products and other tariff-related matters.

The communique issued by his Special Adviser on Media and Publicity, Femi Adesina, also assured MAN that Nigeria will take steps to fully maximize the benefits of the African Continental Free Trade Area (AfCFTA).

The statement reads in part: ‘‘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).


We recognize that MAN remains a key stakeholder in this journey and we will continue our engagement with you,

I beseech you to continue to support the government in our quest to provide the appropriate environment that will attract the necessary investment both domestic and foreign for the upliftment of the nation’s economy.”

Addressing the impact of COVID-19 on world economies, the president noted that while the pandemic had an adverse impact on the Nigerian economy with the attendant fluctuations in the price of oil, his administration has effectively contained the spread of the pandemic and other diseases.

The Nigerian leader reiterated that the Federal Government would continue to consistently deploy prudent means of judiciously utilizing the limited revenue to sustain the economy and stimulate growth.




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