https://www.thecable.ng/cbn-policies-boosting-the-local-industry-say-manufacturers

Members of the Nigerian manufacturing industry say the new Central Bank (CBN) foreign exchange policy is boosting the growth of the local industry, calling it “the game changer”.

Nassos Sidirofagis, deputy managing director, Tempo paper pulp and packing limited, Ota, Ogun state, said the policies have helped increase local production capacity and promote expansion.

“The recent CBN policies is helping us tremendously. It is something we’ve been waiting for, not only us, but other manufacturers, because now, customers are now buying Nigerian products instead of importing,” the US trained engineer said.

“The policies were quite significant for us; as I said, it was the game changer. We are a truly Nigerian company and we are competing with global players from China, India. With the new policy we have been able to increase our capacity from 50 to 70 percent.”

Sidirofagis said the firm, owned by a Nigerian, is unveiling plans for setting up about the biggest paper producing company in Nigeria, with the capacity to produce 420 tonnes per day. “We can smile a little bit, these CBN policies help us to realise that there is a big possibility to start expanding. I hope the policies stay, because it is very significant for us.


Speaking on avoiding the economic downturn experienced by Greece in the past few years, he said: “The medicine is only one, you have to have discipline in government spending, you have to help the manufacturing sector, you have to have policies that contribute to job creation. “Being from Greece, I understand that the problems that we have are the same in many other countries.

The solution is to open up the market, focus on manufacturing and local production. “We were like you [Nigerians], we were importing because we had plenty of money, but at the end of the day we got bankrupt, just because we didn’t have a strong manufacturing [industry] supported by the government.

“If you keep these policies for one or two years more and you remain strong with it, you’d see that you’d have many investors come to Nigeria.” Oluwasesan Taiwo-Tijani, the group operations director of Sren chemicals and polymer packaging, explained the surge in demand for local products since the policy was introduced.

“Since this policy has been enacted, we’ve observed that the demand for our products has increased drastically. We looked at our sales last year, what we were able to make, in six months, we’ve made in just one month this year just as a result of these policies,” he said.


Lalasticlala, Mynd44

Nice one. The policies have affected me personally. Now I'd rather go to Mandilas on the island to buy whatever I need rather than go to eBay. Not bad tho.

Omo!!!! The wailers won't like this news.

No sane government will do this to her citizens, how about people going on vacation, students studying abroad. Has Nigeria started manufacturing everything, to be honest our products needs to be upgraded to be attractive, we want value for money so manufacturers should wake up.

Illitercy
Where will the money to buy from you come from?

Good..charity dey say begins at home

Hmm....interesting.

Boost which of the industry? Abeg stop lying. The economy is on the verge of total collapse. If care is not taken, we might end up in same class with zimbabwe

It's obvious some traditional importers may not like this idea or the sound of this, but they need to look at the bigger picture here.

Emmafrancis:
Boost which of the industry? Abeg stop lying. The economy is on the verge of total collapse. If care is not taken, we might end up in same class with zimbabwe

I just knew the doom & gloom brigade, aka Wailers, won't like this. The manufacturers have spoken.

Emmafrancis:
Boost which of the industry? Abeg stop lying. The economy is on the verge of total collapse. If care is not taken, we might end up in same class with zimbabwe

Bro, why do you sound so pained? Are you an importer? Instead of you to applaud the news that our local manufacturers, including the ones in your SE, will be getting more patronage, you are here bad-belleing? It's not nice.

oluwalfa:
Illitercy
Where will the money to buy from you come from?

Professor, where does the money used in purchasing from outside Nigeria come from?

My reaction to this news

Flyoruboy:
Omo!!!! The wailers won't like this news.

GBAGAM!

It is only the economy saboteurs that pride themselves in importation of sub-standard goods from China that are complaining about CBN policies that is meant to benefit the local manufacturers.

The economic saboteurs keep the Chinese population in employment while screaming blue murder with the level of unemployment in Nigeria, not recognising the harm they are doing to the nation.

okomogo:
No sane government will do this to her citizens, how about people going on vacation, students studying abroad. Has Nigeria started manufacturing everything, to be honest our products needs to be upgraded to be attractive, we want value for money so manufacturers should wake up.

Those studying abroad, going for health issue, whatever it is should come home. Nigerians should begin to learn to appreciate what we have. We have over depended on foreign products than ours. Excellent policy.
It may seems difficult for now but, in the long run, it will be for our best.

Great clarification.

Nigeria would be great again

Just here to read comments.

[img]http://i./8yRpcDf2tbzoI.gif[/img]

I am also benefiting from it.....producing in Lagos and exporting it.

Wailers prayer against NIgeria Will never be answered they live disenchanted lives as usual.

Pavore9:
I am also benefiting from it.....producing in Lagos and exporting it.

Respect. Even all the way from your Kenya base you are being resourceful enough to take advantage of this policy? Then indeed it is working! Complainers, Una no get excuse again o.

okomogo:
No sane government will do this to her citizens, how about people going on vacation, students studying abroad. Has Nigeria started manufacturing everything, to be honest our products needs to be upgraded to be attractive, we want value for money so manufacturers should wake up.

Neither of these are basiic necessities... they are wants..

OkutaNla:


Respect. Even all the way from your Kenya base you are being resourceful enough to take advantage of this policy? Then indeed it is working! Complainers, Una no get excuse again o.

Produce locally, export and the dollars received covers the exchange needed to buy raw materials from China as Nigeria do not yet have the capacity to produce them. Have it shipped down to Nigeria, add value to it and export them, This is what foreign firms do, buy raw materials from African countries, ship them to their countries and add value to them then export at a higher value.

braine:
Nice one. The policies have affected me personally. Now I'd rather go to Mandilas on the island to buy whatever I need rather than go to eBay. Not bad tho.

Was that really the aim of the policy? Well, you just saved the govt few dollars you spend on eBay but Mandilas mostly sell imported goods..

I get your point though..


Check my signature for your breathtaking wallpapers and 3D wall panels, 3D epoxy floors, 3D stretch ceilings and wooden blinds & wooden laminate floors..

Flyoruboy:
Omo!!!! The wailers won't like this news.

Have you heard about the Manufacturers Association of Nigeria, MAN
Kindly quote the part of the OP that was stated by MAN.
Thanks.



www.nairaland.com/attachments/3054865_vp_jpeg444345bcdcb410269d58d4e2bb72121a



www.nairaland.com/attachments/3131247_cu55se7vaaaykzj_jpeg8d3b0e22c761643e651e5d09f82d1552

like seriously, a manufacturer said this and people that have refused to read and understand are applauding them.

my question is where will those manufacturer's get their equipments and materials needed to produce whatever they are producing or were those machines in the background produced in Nigeria? They better tell Nigerians the truth instead of all this brainwash.

mavinc4u:
like seriously, a manufacturer said this and people that have refused to read and understand are applauding them.

my question is where will those manufacturer's get their equipments and materials needed to produce whatever they are producing or were those machines in the background produced in Nigeria? They better tell Nigerians the truth instead of all this brainwash.

The president did say in his last televised interview that priority and exceptions would be given to local manufacturers with respect to forex.

He said, and I quote:

http://www.ngrguardiannews.com/2015/12/buhari-rejects-naira-devaluation-says-no-clue-on-chibok-girls/

The Central Bank of Nigeria will sit with factories and ask what essential raw materials and machinery they need, and provide forex.

It's obvious the policy is essentially geared at stimulating the local manufacturing sector. The hitherto carte-blanche importation policy, whereby goods that can be sourced locally are imported at the expense of locally produced alternatives, is simply unsustainable. Though I also think the government should as a matter of urgency begin to upgrade infrastructure, especially power, to encourage more local industry and consequently create more jobs for Nigerians.

@lalasticlala, u need to see this

Okay...

OkutaNla:


The president did say in his last televised interview that priority and exceptions would be given to local manufacturers with respect to forex.

He said, and I quote:

http://www.ngrguardiannews.com/2015/12/buhari-rejects-naira-devaluation-says-no-clue-on-chibok-girls/



It's obvious the policy is essentially geared at stimulating the local manufacturing sector. The hitherto carte-blanche importation policy, whereby goods that can be sourced locally are imported at the expense of locally produced alternatives, is simply unsustainable. Though I feel the government should as a matter of urgency begin to upgrade infrastructure, especially power, to encourage more local industry and consequently create more jobs for Nigerians.

He said? And has it been done? What has been said and has not been done are like heap of sand on the ground. Even some statements are denied. Please tell me something else. China did theirs by putting things in order. This policy of if eleven does not want to strike then twelve should strike before eleven is not the way forward as it will bring more harm than good.

mavinc4u:


He said? And has it been done? What has been said and has not been done are like heap of sand on the ground. Even some statements are denied. Please tell me something else. China did theirs by putting things in order. This policy of if eleven does not want to strike then twelve should strike before eleven is not the way forward as it will bring more harm than good.

Well, you are entitled to feel the way you do, but you have no indicting evidence or proof that the govt isn't already implementing the policy. In any case, I would rather focus on the intentions of the administration in initiating the policy and examine its effects thus far. While some are kicking against the policy, the target demographic (local manufacturers) are applauding it, so .....