MAN sees impact of dollar exposure on raw materials

The Manufacturers Association of Nigeria (MAN) has cautioned Nigerians over panic resulting from naira-to-dollar slide.

The association says there is a possibility of having dollar exposure in the face of dollar demand, stressing that this trend could be negative on raw materials and finished products.

Kola Jamodu, immediate past president of MAN, says Nigerians should not fall into the temptation of having dollar exposure due to the current naira fall.

Speaking at his send-off ceremony, organised by MAN in Lagos, Jamodu says the trend is not good for the economy as 2015 election draws near.

“Nigerians should be patient and should not have dollar exposure. We all need to work together. We can’t afford to fail and our advocacy must be heightened, “he says, adding that the trend, if not checked, could have impact on raw materials and finished goods.

Frank Jacobs, president, MAN, while commending his predecessor, says during Jamodu’s tenure as the president of MAN, he committed his energy, time and intellect in lifting the association to highly enviable level.

According to him, among his streams of achievement are the publication of blueprint for the accelerated development of manufacturing in Nigeria, rehabilitation of MAN House in Ikeja, Lagos, and improvement of information generation and dissemination for advancement of evidence-based advocacy. He also pressed upon the Federal Government to change the name ‘ministry of trade and investment’ to ‘ministry of industry, trade and investment.’

“He secured government approval for sector-specific approach to granting of incentives and waivers and tenaciously pursued manufacturing friendly ECOWAS CET and ECOWAS-EU Economic Partnership Agreement (EPA), a mission that is still work-in-progress,” according to Jacobs.

“In fact, the Federal Government considered the position of MAN positively and therefore deferred the signing of the EPA Agreement in its present form,” he says.

Jacobs also notes that Jamodu, during his tenure, strengthened the association’s lobby and advocacy machinery thereby making MAN to be highly relevant in the national economic policy formulation and implementation and had regular consultation between the Federal Government and MAN on national issues.

Keith Richards, chairman, Promasidor, says Jamodu often takes industry-wide view on issues.

Ibrahim El-tayeb, managing director, Nigerian Sweets and Confectionery, says Jamodu’s passion for industry and ability to resolve problems were magnificent.

Odinaka Anudu