The Manufacturers Association of Nigeria (MAN) has urged the Central Bank of Nigeria (CBN) to reconsider its recently launched Price Verification System, citing adverse effects on the nation’s manufacturing sector. MAN’s Director-General, Segun Ajayi-Kadir, raised these concerns in an exclusive interview with The PUNCH, highlighting the challenges manufacturers face due to the myriad of government policies, particularly in the current economic climate.
Ajayi-Kadir specifically pointed to the Price Verification Portal as a source of contention, asserting that it places unnecessary restrictions on manufacturers attempting to import critical raw materials, machines, and parts. According to him, the prices paid by manufacturers often fall outside the portal’s prescribed threshold, hindering their operations.
In the interview, the MAN DG stressed the urgency for the CBN to reassess its policies, emphasizing the removal of barriers affecting the real sector of the economy. He underscored the importance of concentrating efforts on ensuring forex adequacy and cautioned against the introduction of restrictive measures that could impede genuine and struggling manufacturers.
The CBN officially launched the Price Verification System portal on August 17, requiring all Form M applications to be accompanied by a valid Price Verification Report from the newly established portal starting August 31, 2023. The objective behind this initiative is to enhance transparency, accountability, and standardization in trade operations within the country.
However, the introduction of the price verification system has faced opposition, with members of the National Council of Managing Directors of Licensed Customs Agents expressing their discontent last month. They argued that the system violated customs and excise management laws and, in a letter to key government officials, urged President Bola Tinubu to disregard the CBN circular on the introduction of the price verification system.