MAN urges CBN to embrace effective monetary system

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The Manufacturers Association of Nigeria has pleaded with the Central Bank of Nigeria to adopt a strong monetary system to reverse the country’s dismal economic situation brought on by the naira swap.

At the annual MAN reporter of the year award ceremony on Tuesday, the association’s president, Francise Meshioye, made this call.

He asserted that MAN is committed to maintaining an environment that is favorable to the growth of manufacturing businesses and the creation of employment opportunities for the nation’s youth unemployment.
“If CBN must release enough money into circulation, they need to have an efficient monetary scheme or system to ensure that,” Meshioye said. There won’t be any hoarding if this is done. Effective monitoring is required if funds are released.
He revealed that MAN had discussions with the presidential candidates about problems it was having.

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We discussed the value of having a robust and competitive manufacturing sector with the candidates for the presidency.

We have equally pushed major political contenders to include the necessity of accelerating the growth and development of the manufacturing sector in their economic agendas in various fora.

He added, “In this regard, we have made available to all the political parties, both our Blueprint for the Accelerated Development of Manufacturing in Nigeria and the agenda for manufacturing in Nigeria for the next ten years.”

He stated that the judiciary had already rendered judgment and that no one could overturn it in response to the 10-day extension for the naira exchange.

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