The Manufacturers Association of Nigeria (MAN) from the Cross River and Akwa Ibom areas says that changes in foreign exchange rates are a big problem for their work.
On Monday, the Acting Chairman, Mr. Usen Umoh, spoke at the association’s 17th Annual General Meeting (AGM) in Uyo.
The topic of the meeting was “Innovative Pathways in Manufacturing: Transforming Challenges to Opportunities.” Umoh said that the naira’s unstable value has made the cost of raw materials and making products much higher. This puts a lot of pressure on manufacturers.
He said we need stable and predictable forex policies so that manufacturers can plan better. Other problems he talked about included too many taxes, high energy costs, tariffs, and hard to get funds.
He said, “Manufacturing is very important for economic growth. It provides jobs, encourages new ideas, and supports sustainable development.”
“Our journey has not been easy. I ask everyone to work together to find lasting solutions to these problems.”
“Let us use this AGM to share ideas, find new solutions, and promise to support manufacturing.”
Governor Umoh Eno of Akwa Ibom, represented by his Deputy, Dr. Akon Eyakenyi, said that manufacturing is key for job creation, industrial growth, and economic success.
He promised to make it easier to do business in the state. He said that managing small and medium-sized businesses well is very important for industrial growth.
Eno talked about his efforts to support businesses and encourage entrepreneurship. He urged citizens to take business opportunities seriously. He also asked business owners to pay their taxes and participate in projects that improve community life.
Forex Changes in the First Half of 2024
In the past year, the Naira has lost more than 50% of its value. The Central Bank of Nigeria (CBN) tried to stop this, but it didn’t work. Data from FMDQ shows that the Naira fell from N747.76/$1 on September 22, 2023, to N1,541.52/$1 by September 20, 2024. That’s a 51.49% drop.
This happened even though the CBN tried to keep the currency stable and increased Nigeria’s foreign reserves by $4 billion. Unfortunately, this wasn’t enough to stop the sharp fall in the Naira’s value. The currency still faces problems from both external pressures and internal economic issues.