ADVERTISEMENT

MAN president encourages industrialists to look inwards

The MAN president said that this approach would create jobs for many teaming youths and improve business margins for domestic producers.

President Muhammadu Buhari.

Mr Frank Jacobs, the President, Manufacturers Association of Nigeria (MAN), on Monday advised industrialists to look inwards in view of the current scarcity of foreign exchange.

Jacobs gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos.

"We are beginning to look inwards owing to the cumbersome nature in accessing foreign exchange to buy raw materials. The backward integration creates room for improved efficiency and a cost saving measures for businesses,’’ he said.

"The model has the tendency to reduce the cost of transportation for manufacturers and makes commodities more competitive in the market.

ADVERTISEMENT

"This will create room for more people taking into manufacturing as a substitute for importation and raise the nation’s gross domestic product in the long run,’’ Jacobs said.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

PDP caucus extends acting chairman Damagum's term

PDP caucus extends acting chairman Damagum's term

Soldiers catch their fellow soldiers stealing cables at Dangote Refinery

Soldiers catch their fellow soldiers stealing cables at Dangote Refinery

Japa bid halted as Navy arrests 75 Nigerians hiding on container ships in Lagos

Japa bid halted as Navy arrests 75 Nigerians hiding on container ships in Lagos

Comparing comprehensive vs third-party auto insurance in Nigeria

Comparing comprehensive vs third-party auto insurance in Nigeria

Kaduna Speaker to El-Rufai's son: Your threat won't stop us from probing your father

Kaduna Speaker to El-Rufai's son: Your threat won't stop us from probing your father

Makinde demolishes building where Yoruba Nation agitators operate from

Makinde demolishes building where Yoruba Nation agitators operate from

APC chieftain, Lukman faults NWC for backing Ganduje over suspension

APC chieftain, Lukman faults NWC for backing Ganduje over suspension

EFCC gets permission to drag ex-governor Yahaya Bello to court tomorrow

EFCC gets permission to drag ex-governor Yahaya Bello to court tomorrow

Court stops EFCC from arresting Yahaya Bello hours after agents surrounded his house

Court stops EFCC from arresting Yahaya Bello hours after agents surrounded his house

Pulse Sports

Lionel Messi's son breaks the internet after scoring five goals for Inter Miami

Lionel Messi's son breaks the internet after scoring five goals for Inter Miami

Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe

Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe

Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024

Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024

ADVERTISEMENT
ADVERTISEMENT