The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to rescind its recently introduced Price Verification System.
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According to MAN Director-General, Segun Ajayi-Kadir, the CBN’s Price Verification Portal constitutes one of many government policies negatively impacting the activities of manufacturers in the country. He stated that manufacturers already contend with numerous disruptive policies at a time when the economy faces stern challenges.
Ajayi-Kadir said, “We look forward to the reversal of so many unnecessary restrictions placed by the CBN. One of them is the price verification portal which for all practical purposes is unnecessary. It is affecting the businesses of our members who are not able to import raw materials, machines and parts because the prices they bought do not fall into the portal’s threshold.”
He urged the CBN to revisit some of its policies to remove bottlenecks affecting the real sector. “The CBN needs to urgently take this step so it does not restrain manufacturing operations. The government should focus on forex adequacy. All efforts should target that, not impose unnecessary restrictions that will only hurt genuine struggling manufacturers,” he added.
The CBN launched the Price Verification System portal in August after a successful pilot phase and extensive training with Nigerian banks. From August 31, all Form M applications must be accompanied by a valid Price Verification Report from the portal to enhance transparency, accountability and standardization in trade operations.
Last month, the National Council of Managing Directors of Licensed Customs Agents opposed the system, saying it contravenes the Customs and Excise Management Act on import valuation. They urged President Bola Tinubu to disregard the CBN’s circular introducing it.
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