The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says that government incentives should be directed specifically at manufacturers who are producing goods for export markets.
Cardoso made the call during the 54th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Apapa Branch, in Lagos. He was represented by Aliyu Ashiru, Head of Division, Trade and Exchange Department at the apex bank.
Speaking on the theme “Complementing the Oil Sector as a Major Forex Earner: Strategy for Manufacturing to Fill the Gap,” the CBN governor stressed that Nigeria’s manufacturing sector holds the key to diversifying the nation’s foreign exchange earnings away from crude oil.
“The manufacturing sector has enormous potential to conserve foreign exchange, drive value-added exports, create jobs, and support macroeconomic stability,” he said.
CBN Pushes for Comprehensive Industrial Policy
Cardoso outlined a multi-pronged strategy to boost manufacturing as a key foreign exchange contributor, citing policy alignment, infrastructure investment, energy access, financing, and value addition as critical enablers.
He also urged for the development of a stable and export-oriented industrial policy, coordinated across trade, fiscal, and monetary frameworks.
“Incentives such as tax holidays, duty waivers on machinery, export rebates, and investment guarantees must target export-focused manufacturers. Nigeria must shift from exporting raw materials to processing and exporting finished goods,” he emphasized.
The CBN, he assured, will continue supporting the sector through targeted monetary interventions and financing initiatives aimed at boosting productivity and competitiveness.
Manufacturers Call for Support Amid Reforms
In his remarks, Chairman of MAN Apapa Branch, Raphael Danilola, cautioned that current economic reforms while necessary must not come at the cost of business survival.
“We support the government’s reform agenda, but it must be implemented in a way that sustains our operations. The current downturn requires targeted measures to keep manufacturers in business, especially as we face rising competition under the African Continental Free Trade Area,” Danilola said.
He called on both federal and state governments to provide enabling policies and infrastructure that will enhance competitiveness and promote long-term growth.
Manufacturers Raise Concerns Over Regulatory Overlap
Also speaking, the Executive Secretary of the MAN Apapa Branch, Sunday Okpe Adejoh, decried the burden of overlapping regulatory functions by government agencies, especially in Lagos.
“Some agencies perform the same oversight functions in a single factory, often demanding similar compliance payments. This duplication is hurting business operations,” he said.
He urged the government to review the legal frameworks establishing regulatory agencies to eliminate redundancy and reduce costs for manufacturers, adding that streamlining regulation is crucial to attracting and retaining investment.
