MAN Rejects Petrol Import Proposal to Protect Economy

The Manufacturers Association of Nigeria (MAN), represented by Director General Segun Ajayi-Kadir, has urged the federal government to reject a proposal from the World Bank to reinstate petrol import licenses. Ajayi-Kadir described the proposal as flawed and detrimental to Nigeria's industrial drive, warning that it would exacerbate economic conditions and perpetuate reliance on imports.

He emphasized that reopening petrol imports would worsen inflation and negatively impact Nigeria's export capabilities, job creation, and wealth generation. Ajayi-Kadir criticized the World Bank's earlier position, which suggested suspending import licenses, arguing it ignored macroeconomic realities and would lead to increased fuel prices.

Instead, he proposed alternative measures to tackle inflation, such as improving the implementation of naira crude policies and investing in local energy sources. Ajayi-Kadir concluded with a strong caution against policies that undermine local industries, advocating for a focus on local production to ensure economic growth and stability.