Manufacturers Association of Nigeria, MAN called on the Federal Government to focus on infrastructural development
Following the take-off of the African Continental Trade Agreement, AfCTA, this month, the Manufacturers Association of Nigeria, MAN called on the Federal Government to focus on infrastructural development expressing fears that unless proper implementation of the rule of origin, Nigeria may become a global dumping ground.
MAN’s Director of Economics and Statistics, Ambrose Oruche, said the government must quickly address infrastructure issues like roads, as well as priorities manufacturing in terms of interest rates on loans and easy access to imported raw materials. He warned that unless safety measures are put in place to prevent foreign goods being repackaged as goods made in Africa, the Nation will definitely become a dumping ground for such goods.
Meanwhile, the Federal Government on Tuesday put the rice production gap in Nigeria at 500,000 metric tonnes noting that the country would soon close the gap and meet the seven million metric tonnes production capacity required to attain self-sufficiency.
The Federal Ministry of Agriculture and Rural Development Director, Karima Babaginda said this while receiving inputs on behalf of the FMARD from the Japanese International Cooperation Agency.
Babaginda said the support for rice farmers would scale up rice production in Nigeria, adding that it would enhance the harvest of the produce in this year’s farming season. The naira suffered further setback at the parallel market and Investors and Exporters forex window on Tuesday.
According to figures obtained from Bureau De Change operators, the naira exchanged to the dollar for 473/$ at the parallel market. It had earlier gained in recent times after it closed the year 2020 at 467/$.
At the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. It reached a low of 401 at the I&E window at the close of 2020. The Central Bank of Nigeria however maintained the official exchange rate at N379/$ on its website.
The Association of Bureaux De Change Operators of Nigeria recently appealed to the CBN to make BDCs payout agents for diaspora remittances.