The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, has directed the Financial Reporting Council of Nigeria (FRC) to closely review all requests relating to financial reporting involving Nigerian manufacturers.
The NewTelegraph reported that Uzoka-Anite said that the FRC would be engaging with manufacturing firms directly to gather further details and to ensure that all considerations are thoroughly evaluated.
The minister stated this, after of holding an extensive meeting with some firms’ chief executive officers on championing industrial growth.
She said that this engagement was part of the broader commitment to ensuring the sustainability and resilience of companies in these complex economic times.
According to her, government is disturbed with the news of exit of manufacturing businesses in the country amidst prevailing economic challenges.
Uzoka-Anite explained that government was working round the clock to ensure manufacturing sustainability amongst Nigerian companies.
She assured that there would be a possible lull in inflation on the back of recent hike in interest rate. The industry minister pointed out that to stimulate business growth in the country, the Central Bank of Nigeria (CBN) had also committed to clearing the back log of pending forex payable and had resumed the sale of dollars to eligible Bureau De Change operators, saying this had received ovation from key sectors of the economy.
She argued that the floating exchange rate had witnessed economic headwinds and socio-economic impacts, which has remained unbated for the manufacturing sector operators. In particular, the industry minister opined that the first quarter of the year saw further devaluation of the naira, with the currency falling to an all-time low of about N1,800/$ (before subsequently appreciating to about N1,300/$ at the end of the quarter).
To her, the continuous rise in inflation rate, low foreign portfolio investor confidence are due to delays experienced in repatriation of funds.
Uzoka-Anite said: “We are committed to an ongoing dialogue to explore these needs further. It’s important to acknowledge that the complexities involved require a collaborative approach and cannot be conclusively addressed in a single meeting if looking at what you local manufacturers are currently facing in this economy.
“I can confirm that I have directed the Financial Reporting Council of Nigeria to closely review all requests related to financial reporting.
The FRC will be engaging with local manufacturers directly to gather further details and to ensure that all considerations are thoroughly evaluated. This engagement is part of our broader commitment to ensuring the sustainability and resilience of your esteemed manufacturing firms in these complex economic times.”
UzokaAnite stated: “Moving forward, I will direct the Bank of Industry (BoI) to engage with the relevant stakeholders and experts to delve into the details of your requests in the manufacturing sector.
“We are dedicated to working towards viable solutions that support the growth and stability of Nigerian manufacturing sector within the framework of our national economic policies.
“I appreciate your understanding and look forward to our continued discussions in order to promote a sustainable manufacturing sector.
“In closing, I urge us all to look beyond the present challenges and envision a future where our collective efforts have shaped an economy robust enough to withstand global pressures.
“A future where companies like Nigerian Breweries and others are not only surviving but thriving, setting a precedent for other industries in Nigeria.
“Together, with tenacity and partnership, we shall steer our industry towards sustainable growth and renewed prosperity. I thank you for your attention and your continued faith in Nigeria.”