The lifting of ban on 43 items by the Central Bank of Nigeria (CBN) is beginning to generate reactions from stakeholders in the manufacturing industry.
Members of the manufacturers association are of the opinion that this decision would put their businesses in more difficult situation than it already is.
You see there is a saying that “what is good for the goose is also good for the gander”. Sadly, this may not be true.
The situation at the moment in Nigeria, is that most businesses are struggling and finding it hard to survive.
So, with the move by the Central Bank of Nigeria (CBN) to let people get forex for some new products formerly banned, local manufacturers would be in trouble.
The Manufacturers Association of Nigeria (MAN), are saying lifting of ban on 43 items will have adverse effect that may lead to the collapse of several local industries.
Have You Read: LCCI Lauds CBN Decision To Raise Dollar Supply
Giving perspective to the situation, the Vice Chairman of Basic Metal, Iron and Steel Products sector of the Association, Lekan Adewoye, urged government to reverse the decision.
Adewoye, also appealed to the government to save the nation from a looming job crisis, insecurity and outright collapse of the nation’s economy.
He condemned the new CBN policy stressing that ‘it is capable of collapsing many industries very soon’.
