Published on March 30, 2026
Manufacturers under the aegis of the Manufacturers Association of Nigeria Export Group (MANEG) have raised concerns over what they describe as a policy imbalance Bank of Nigeria (CBN). This follows the recent decision to grant International Oil Companies (IOCs) unfettered access to repatriate 100 percent of their export proceeds, while excluding non-oil exporters from similar privileges.
In a statement, MANEG argued that the CBN’s selective approach undermines the contributions of non-oil exporters to the Nigerian economy. They emphasized that non-oil exports play a crucial role in diversifying the economy and generating foreign exchange, and therefore should be treated equally under the repatriation policy.
The manufacturers expressed disappointment at what they see as a failure to recognize the potential of non-oil sectors, which are vital for the development of sustainable economic growth in Nigeria. They called for a more inclusive policy that supports all export sectors equally, emphasizing that such measures would enhance the overall export capacity of the country.
The group highlighted the pressing need for government policies that foster a fair environment for all exporters, asserting that the current disparity could discourage investment in non-oil industries and hamper efforts to rebound from past economic challenges. They urged the CBN to reconsider its stance and engage industry stakeholders in discussions to create a more balanced framework that benefits the entire export community.
As the debate continues, many analysts warn that ignoring the concerns of non-oil exporters could lead to long-term repercussions for Nigeria’s economic landscape, particularly in efforts to reduce dependence on oil revenues and promote a diversified economy.
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