The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to reconsider its recently introduced Price Verification System.
In an exclusive interview with The PUNCH, MAN’s Director-General, Segun Ajayi-Kadir, expressed concerns about the negative impact of the CBN’s Price Verification Portal on manufacturers’ activities in the country. Ajayi-Kadir highlighted that the manufacturing sector is already grappling with various challenging government policies at a time when the economy is facing stern difficulties.
“We look forward to the reversal of so many unnecessary restrictions that were placed by the CBN. One of them is the price verification portal, which, for all practical purposes, is quite unnecessary,” said Ajayi-Kadir. He emphasized that the portal is hindering manufacturers from importing raw materials, machines, and parts because the prices they paid do not align with the portal’s threshold.
Ajayi-Kadir urged the CBN to discontinue the operation of the portal and to revisit its policies, aiming to remove the bottlenecks affecting the real sector of the economy. This plea reflects the manufacturing industry’s desire for a more conducive business environment and streamlined regulatory processes.
