The Manufacturers Association of Nigeria has urged the Central Bank of Nigeria to take on an effective monetary system to stop the hardship that is caused by the new naira design.
This was stated on Tuesday by the President of the association, Francise Meshioye, at the Annual MAN reporter of the year award.
According to the Punch, Meshioye said the main objective of the association is to advocate for a conducive environment where businesses in the manufacturing sector can evolve.
He added that MAN is committed to helping these businesses create wealth while providing employment opportunities for young people in the society.
“If CBN has to release enough fund in circulation, they need to have effective monetary scheme or system to ensure that. If this is done, there will be no hoarding. If fund is released, it should be monitored effectively,” Meshioye said.
According to Meshioye, the court has given an injunction against further extensions of the naira swap’s 10-day grace period and urged the apex bank to make cash available to revive businesses and the economy.
Meshioye is strategic in engaging presidential candidates to place priority on the manufacturing sector.
He noted, “we have engaged the presidential aspirants on the importance of having a virile and competitive manufacturing sector.
“We have equally pushed at different fora with major political contenders to incorporate the need to accelerate the growth and development of the manufacturing sector in their economic agenda.”
According to him, MAN has shared the organisation’s blueprint for Accelerated Development of Manufacturing in Nigeria with political parties.
In his words, “we have availed all the political parties with our Blueprint for the Accelerated Development of Manufacturing in Nigeria as well as the agenda for manufacturing in Nigeria for the next 10 years.”