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MAN Urges CBN To Remain Resolute On Its New Policy On Forex

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Manufacters Association of Nigeria (MAN) has thrown its weight behind the recent policy of the Central Bank of Nigeria (CBN) to withdraw foreign exchange from Bureaux De Change (BDCs) in the country.

MAN President, Engr Mansur Ahmed said this yesterday in Ilorin, Kwara state capital at the Annual General Meeting (AGM) of Kwara and Kogi states branch of the association.

The MAN boss who lamented the effect of activities of the BDCs on the manufacturing sector further noted that CBN policy would temporarily hike exchange rate, the country’s economy would be better for it.

He said foreign is not a commodity that should be taken to the market and traded.

“In the last few months, there have been efforts by the central bank to control the flow of foreign exchange for us to get more Forex in the manufacturing sector.

“The decision by the CBN to withdraw supply of foreign exchange from the Bureaux De Change is one that the manufacturing sector is fully in support of.

“Foreign exchange is not a commodity that should be taken to the market and traded. Its availability is intended to allow those that are producing goods and services to bring in the necessary materials and equipment required in order to produce those goods and services at affordable prices”, he added.

Engr Mansur said the action of the CBN on foreign exchange is most welcome even if it is belated.

He said “In this regard, I affirm the support of the MAN for this policy as well as others polices in the infrastructure sector executed by the FG. The art of getting foreign exchange in the market, to me does not make sense.

“And yet we know that this process has indeed made huge sum of forex into the BDCs. We do not see how that will help the economy.

“Certainly, if the foreign exchange is made available to our manufacturing companies, more young people will be employed and the companies will operate at higher capacity and more industries will be created while lot of the raw materials needed will be readily available

“So if you have to sell forex to traders in the market as if it is a commodity, you are denying the manufacturing sector these vital resources. The law of forex as it was being done is not sustainable.

“According to the CBN report, the number of BDCs exploded between 2005 and 2021 from 74 to over 6,000. Assuming giving $20,000 to BDCs weekly, this will amount to over $600m of forex weekly going into the market instead of going into industries to produce goods and services and create employment.

“How do you control the flow of forex in BDCs not to fall into the hands of those who will take it out of the country and go and stash in foreign bank or go to the hands of those who use it to buy weapon and make our lives miserable expanding the scope of terrorism and banditry?

“So we welcome this change by the CBN and ask that the central bank remain resolute. We are aware that this initiative was part of the reason for the recent hike in forex rate. We believe it is going to be temporary.
“Those who are using it for importation of drugs and arms and ammunition will pay anything to get it. Our message is that the CBN should remain resolute and continue to look for ways that those illicit flows can be contained for more forex to be directed to industries and to genuine legitimate users which it is supposed to be for”, he added.

Earlier, Kwara and Kogi state chair of MAN Bioku Rahmon urged the Federal Governemnt to apply quick remedies to support for the country’s industrialists.

Mr. Rahmon bemoaned the high and fast-rising Nigeria’s debt profile and sundry other challenging plaguing the manufacturing sector.

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My Successors Have Jettisoned My Progressive Ideas-Says Jonathan

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Former President Goodluck Jonathan

 

Former President of Nigeria, Goodluck Jonathan, on Friday, said some of the progressive ideas he instituted during his tenure were jettisoned after his exit from office.

Jonathan who was the President from 2010 to 2015, stated this while speaking as Chairman on the occasion of the 25th anniversary celebration of Igbinedion University, Okada in Edo State.

The former president who said he ensured that women were admitted into the Nigeria Defence Academy, recalled that he faced serious challenges but had his way as the president of the country.

He said it is worth noting that women have become an integral part of the military set with some of them going ahead to become some of the best jet fighters.

He said, “I recall the challenges faced by women in the military. But as President, I directed that the Nigeria Defence Academy commence admission of women into the institution.

“However some of the ideas, which could have helped in the technological development of the country were jettisoned. “

The former President who noted challenges faced by women in various career fields, advocated that limitations against women’s progression in their chosen fields of endeavour should be eliminated.

He also called for the recalibration of the nation’s school curriculum to prioritize skills acquisition, and technology and de-emphasise certificates.

The ex-president explained that emphasis on skills acquisition and technology in all fields of the country’s educational system was the way to go to hasten the development of the country.

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Rivers Crisis:Former Senate President Urges Tinubu To Call Wike To Order

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Senator Adolpos Wabara ,Former Senate President

Former Senate President and Chairman Board of Trustees, BOT, of the main opposition Peoples Democratic Party, PDP, Senator Adolphus Wabara, has told President Bola Ahmed Tinubu, to caution his appointee and Minister of the Federal Capital Territory, Mr Nyesom Wike to avoid plunging Rivers State into a “needless political crisis”.

This is coming on the heels of the move by pro- Wike lawmakers, to impeach Gov. Siminalayi Fubara.

This is coming on the heels of the move by pro- Wike lawmakers, to impeach Gov. Siminalayi Fubara.

Wabara also condemned the call by APC Chairman in Rivers, Tony Okocha, for the House of Assembly to immediately commence impeachment proceedings against the Fubara.

The former Senate President who accused Wike of stoking the face-off between Gov. Fubara and the lawmakers, warned that Nigeria might not survive any instability in Rivers State considering the state’s economic importance to the country

Senator Wabara appealed to President Tinubu to prevail on Wike to give peace a chance and allow his successor to discharge his constitutional roles without undue influence.

“I want to appeal to Mr President to call his appointee, Nyesom Wike to order so that his actions in Rivers do not confirm the suspicion that APC has an agenda to turn Nigeria into one party state. Wike should allow peace to reign in Rivers State.

” Mr President should appreciate the importance of Rivers as a major revenue base of the country, and should the trouble they are stoking erupt, Nigeria will definitely not escape the aftermath.”

The PDP BoT Chairman, further advised members of the Rivers House of Assembly not to yield themselves as agents of distabilization of the state “because history will not be kind to them.”

He reminded the gladiators to carefully weigh the grave implications of any attempt to forcefully remove a democratically-elected Governor or President from office.

The former Senate President who warned that the PDP would not tolerate any further intimidation or persecution of the Governor, urged “all those involved in the political brouhaha in Rivers to give peace a chance”.

On the mass exodus of PDP members in Abia State, Senator Wabara who said such scenario was not unexpected, however, urged the party faithful not to panic.

He said that the elders of the party had initiated moves to half further exit of members, describing the development as the after effect of the impunity of the last PDP-led administration in the state, and its utter disregard to internal democracy and party supremacy.

Wabara further noted that some chieftains who are leaving the party are doing so for self protection while some join the bandwagon without any deep thought of their action.

He urged PDP members in the state to remain resolute and support the on-going efforts to rebuild and reposition the party for a winning spree in 2027.

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Gombe Schools Are Safe- Prof. Maigari Assures

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Professor Aishatu Maigari Gombe state commissioner for education

 

In response to concerns about the safety of schools in Gombe State,the Commissioner of Education Professor Aishatu Maigari,has assured that schools in the state are safe.

Responding to questions from newsmen regarding school security, the Commissioner refuted rumors suggesting that schools were closed due to insecurity.

She clarified that the government decided to close schools earlier than scheduled due to various factors, including the Ramadan fast, Sallah, Easter breaks, and excessive heat.

Professor Maigari elaborated that the decision was made considering that out of the remaining two weeks, approximately ten days would be devoted to public holidays. Therefore, only four days were deducted from the academic calendar.

The Commissioner gave the public the assurance that the school calendar remained on track, because the government was implementing measures to enhance school security.

Professor Maigari therefore called on the community, stakeholders, parents, and guardians to collaborate with the government in ensuring the safety of schools.

Amidst these reassurances, Professor Maigari’s statements aim to alleviate concerns and reinforce confidence in the safety and continuity of education in Gombe State.

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