Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that incentives should be targeted at manufacturers that are producing for exports.

He stated this at the 54th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Apapa Branch, while charging manufacturers to lead efforts to diversify Nigeria’s foreign exchange (forex) earnings from crude oil dependence.

Speaking on the theme, ‘Complementing the Oil Sector as a Major Forex Earner: Strategy for Manufacturing to Fill the Gap’, Cardoso who was represented by Head Division, Trade & Exchange Department of CBN Mr. Aliyu Ashiru, stressed that manufacturing held significant potential to conserve forex, expand exports with value-added products, create jobs at all levels, and enhance macroeconomic stability.

the need for a deliberate, coordinated, and long-term strategy to unlock the sector’s full potential and transform it into a major forex earner.

In his remarks, Chairman, MAN, Apapa Branch, Raphael Damilola, called on the federal government to ensure that ongoing economic reforms do not lead to the destruction of businesses in the country.