Manufacturers association calls on Agric minister to lift ban on Raw Materials

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December 28, 2015 10:10 PM

President of MAN, Dr. Frank Udemba Jacobs, said at a forum with industrialists, that the policy should allow the importation of CPO, because it serves as a major raw material in the production of end goods such as noodles, biscuits, cosmetics.

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Members of the Manufacturers Association of Nigeria (MAN) have called on the Minister of Agriculture, Chief Audu Ogbe, to help lift the ban by the Central Bank of Nigeria (CBN) forex policy on imported raw materials, especially the Crude Palm Oil (CPO).

President of MAN, Dr. Frank Udemba Jacobs, said at a forum with industrialists, that the policy should allow the importation of CPO, because it serves as a major raw material in the production of end goods such as noodles, biscuits, cosmetics.

He claimed the decision of the CBN to ban the importation of crude palm oil would affect several manufacturing companies adversely as local production was not sufficient.

“These companies have invested heavily in plants and machinery worth several billions of dollars in the country and what the CBN is indirectly telling them is that it could not be bothered with the challenges this policy is posing to our members”.

Dr, Udemba also claimed that manufacturing companies have started developing agriculture in Nigeria in order to to source for raw materials outside the country.

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He commended the government’s efforts to revive the economy but warned against impulsive measures that may affect manufacturers negatively.

According to reports, domestic production of palm oil in Nigeria totalled 930,000 MT in 2014 while the consumption is over 2.0 million MT per annum. The shortage this usually filled up by importation.

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