Manufacturing industries in Nigeria have been given access to foreign exchange valued at over 660 million dollar in the inter-bank market to source raw materials and spare parts for their industries, courtesy of the interbank forex market.
In a statement On Monday in Abuja the Central Bank of Nigeria (CBN)’s acting Director Corporate Communications Mr Isaac Okorafor noted that this was in keeping with its promise to strengthen the real sector of the economy by ensuring that 60% of available forex goes to manufacturers.
The amount (N660,173,976.46), which was the aggregated sum released through various commercial banks was to enable manufacturing groups to procure industrial inputs such as raw materials, machine spare-parts, telecom equipment, plastic raw materials, Agricultural machines, pre-payment meters.
“The CBN is committed to ensuring that manufacturers of goods for which Nigeria does not enjoy comparative advantage are able to get letters of credit (LCs) to import the required materials for their businesses,’ ’he said.
Okorafor said that since the CBN introduced restrictions on the sourcing of forex for 41 items from the inter-bank market, local manufacturers in the country had benefited greatly .
He urged manufacturers to take advantage of the policy which would enable Nigeria to reclaim its status as a major producer of goods through backward integration initiatives.
According to him, this will necessary push to Nigeria to conserve billions of forex being spent on import bills annualy