MAN Seeks End to Paucity of New Naira Notes, Recurring Fuel Scarcity

By Ebere Obike

The Manufacturers Association of Nigeria, MAN, says failure to urgently address scarcity of the new naira notes and persistent fuel scarcity will have negative impact on their operations.

The MAN President, Mr Francis Meshioye, stated, this at the 2023 Edition of the MAN Reporter of the Year Award and Presidential Media Luncheon, in Lagos.

Mr Meshioye said, if manufactured goods are not purchased due to paucity of the new naira notes, manufacturers would suffer huge financial losses and waste of raw materials.

According to him, not all goods and services require electronic transfer, adding that, poor internet service is also a major challenge when it comes to electronic transfer.

“Is not easy for you to want to buy coke and you will do electronic transfer, that will mean that people who are into beverages businesses are going to suffer hugely about this scarcity of currency and that goes for all other products”.

The MAN President called on the Governor of the Central Bank of Nigeria, CBN to ensure more new notes are released before phasing out the old naira notes and to extend the deadline of the use of the old notes beyond the 10th of this month.

“If CBN can release enough funds that will go round to everybody and and there is effective monetary system to ensure that money released is accessible by all, there will not be accusation of hoarding The MAN President said.

The MAN President, promised that his administration would proactively engage with legislators, policymakers, regulators, and other stakeholders towards ensuring increase in output of the manufacturing sector and increasing the sector’s contribution to the GDP to 20% by 2030.

To achieve this, he said, its advocacy would be targeted at increased export of Nigerian manufactured products to other African Countries and beyond.

High points of the event was the presentation of the MAN Reporter of the year awards to outstanding journalists in Radio, Television, Print and Online media as well as Photojournalists.

Radio Nigeria’s Business Correspondent, Ebere Obike, emerged as the MAN Reporter of the year 2022, in the Radio category.