Vice-President ’Yemi Osinbajo has indicated the readiness of the government to adjust the controversial Central Bank of Nigeria (CBN) forex policy once the economy improves.
He said the policy was as a result of the downturn in the economy caused by the falling oil prices.
Osinbajo, who spoke yesterday at the 43rd Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) in Lagos, however, said the cancellation of the policy was not an option, adding that the nation deserved a robust foreign exchange reserve and would do everything to achieve that as a responsible government.
He reassured that the administration was not unmindful of the pains manufacturers went through. Osinbajo assuaged the fears of the manufacturers on some international agreements, such as the Economic Partnership Agreement (EPA) and the World Trade Organisation (WTO), insisting that national interest and the protection of local industries were more paramount for the present government.
“We can’t enter into any agreement that will jeopardise our national interest and well-being as a nation.”
He said the government was working to ensure an enabling environment for manufacturers by improving electricity supply and providing infrastructure.
Ex-South Africa President Thabo Mbeki, who was the guest lecturer, said it was regrettable that Nigeria, a country that should provide leadership on the continent economically and politically, was in a parlous state.
He enjoined the government to use the huge population to its advantage by not being cowed into signing agreements that might be detrimental to its economy.
Mbeki asked President Muhammadu Buhari to ensure the tightening of the noose on fraudulent and corrupt officials, while ensuring repatriation of stolen funds.
He urged the government to institute a national industrial revolution that would stimulate the development and protection of local industries as against imported products.
MAN President Dr. Frank Udemba Jacobs advocated the diversification of the economy and canvassed the need to engage manufacturers before implementing policies that might affect their operations.
He lamented the mono product economy status of the economy and asked for a robust diversification, which, according to him, was the only way the present administration could realise its target for job provision and wealth creation.
“For us to contribute to the growth of the GDP, the government must of necessity check the gaps created by acute infrastructure decay, insecurity, smuggling of cheap and sub-standard goods into the country and poor access to finance for the sector. MAN is also making a case for the deregulation of the oil and gas sector and the need to put emphasis on capital projects as against recurrent expenditure.”
