Manufacturers Want CBN To Reverse Ban On Raw Materials

The agricultural sector group of the Manufacturers Association of Nigeria (MAN) has solicited with the agriculture minister, Chief Audu Ogbeh, with the need of assisting  in reversing the Central Bank of Nigeria’s foreign exchange policy on crude palm oil which is currently not on the “forex”

Dr. Frank Udemba Jacobs, president of the group emphasized that forex should be made available for genuine manufacturers who use the CPO as a major raw material for production of end goods like noodles and biscuits.

He stressed that the CBN’s policy is threatening the  existence of several manufacturing companies which rely heavily on the CPO as a major raw material for production.

Though he welcomes the policy, Jacobs said it should not disturb importation of some important raw materials needed for local production, especially when demand for such material cannot be met locally in the country.