The Central Bank of Nigeria (CBN) has called on manufacturers to take the lead in diversifying the nation’s foreign exchange earnings and reduce the economy’s heavy reliance on crude oil exports.
The appeal was made during the 54th Annual General Meeting of the Manufacturers Association of Nigeria (MAN) in Apapa.
CBN Governor Dr. Olayemi Cardoso, represented by Mr. Aliyu Ashiru, Director of the Trade and Exchange Department, highlighted that crude oil exports currently account for over 80% of Nigeria’s foreign exchange inflows, leaving the economy vulnerable to external shocks. He emphasized that the manufacturing sector has significant potential to conserve foreign exchange, expand exports of value-added products, create jobs, and enhance macroeconomic stability.
Cardoso outlined strategic pillars for growth, including policy alignment, investment in infrastructure and energy, access to finance and foreign exchange, value addition, and backward integration. He stressed the need for a comprehensive industrial policy that prioritizes export-oriented manufacturing, supported by incentives such as tax holidays, duty waivers for machinery, export rebates, and investment guarantees.
The CBN has committed to supporting the manufacturing sector through proactive monetary policies and targeted financing interventions, aiming to reduce Nigeria’s dependence on oil exports and foster a more diversified and resilient economy.
