Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has called on manufacturers to spearhead efforts to diversify Nigeria’s foreign exchange earnings away from crude oil dependence.
Cardoso made the call at the 54th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Apapa Branch, themed “Complementing the Oil Sector, a Major Forex Earner: Strategy for Manufacturing to Fill the Gap.” He was represented by Mr Aliyu Ashiru, Director of the Trade and Exchange Department.
The apex bank governor noted that crude oil still accounts for more than 80 per cent of Nigeria’s forex inflows, leaving the economy highly vulnerable to external shocks. He stressed that manufacturing has the capacity to conserve foreign exchange, boost exports of value-added products, create jobs across all levels, and enhance macroeconomic stability.
Cardoso identified key pillars needed to unlock the sector’s potential, including policy alignment, infrastructure and energy investment, access to finance and forex, value addition, and backward integration. He urged the adoption of a stable, predictable industrial policy prioritising export-oriented manufacturing, supported by incentives such as tax holidays, duty waivers, export rebates and investment guarantees.
“Nigeria must shift from raw material exports to value-added production through deliberate investment in agro-processing, petrochemicals and solid minerals,” he said, adding that the CBN would continue to back manufacturers with proactive monetary policies and targeted financing.
In his remarks, MAN President, Otunba Francis Meshioye, said global oil price volatility underscores the urgency of diversifying forex sources. He listed better infrastructure, affordable financing, reduced production costs and promotion of export-ready products as priorities.
Meshioye urged government to fix dilapidated industrial road networks in Amuwo-Odofin and Apapa, stressing that manufacturers were willing to co-fund rehabilitation in exchange for tax reliefs. He also called for harmonisation of multiple taxes at the local government level to reduce exploitation and improve compliance.
Lagos State Governor, Babajide Sanwo-Olu, represented by Mrs Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment, reaffirmed the state’s support for the sector. He said Lagos was strengthening agro-industrial linkages, local supply chains, and promoting innovation-driven manufacturing to boost competitiveness.
Chairman of MAN Apapa Branch, Mr Raphael Danilola, appealed to government to urgently address challenges facing manufacturers, including poor infrastructure, power shortages, rising logistics costs, insecurity, and forex volatility, which he said were hindering the sector’s contribution to forex earnings.
