Manufacturers have described the current $567.31m allocated to the industrial sector by the Central Bank of Nigeria in the month of January as a drop in the ocean.
The President, Manufacturers Association of Nigeria, Frank Jacobs, said this in Lagos.
The CBN said last Thursday that it disbursed $2.83bn for the importation of equipment to the real sector of the economy between December 2016 and January 2017.
Providing a breakdown of the allocation, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, stated that $609m and $228m were released for raw materials’ importation in December and January, adding that the manufacturing sector got $53m and $71m for raw materials, respectively in the period.
In the automotive sector, the Chairman, Nigeria Automotive Manufacturers Association, Tokunbo Aromolaran, said his firm did not get any forex.
Related posts:
Premature babies: Experts call for increased funding of health sector
Reps deputy chief Whip wants increased budgetary allocation for Benin-Owena River Basin
Reps seek improved welfare for teachers, increased allocation for education
Gov Ortom commends Buhari’s directive to stop allocation of Forex for food import
Manufacturers want increased govt spending
Nigerian manufacturers lament Forex scarcity
Manufacturers lose N500b to flexible forex policy
President Buhari promises to address FOREX supply to manufacturers for importation
