Lekan Adewoye, the Vice Chairman of the Manufacturers Association of Nigeria (MAN)’s basic metal, iron, and steel products sector, issued a warning to the federal government to reverse its decision in order to prevent an impending job crisis, instability, and the complete collapse of the country’s economy.

Adewole expressed his concerns about the state of affairs during an appearance on a TVC Business Program.

He strongly condemned the new policy and stated that the country’s healing industries could collapse if the restriction were lifted.

The industrialist vehemently disagreed with the development from the apex bank, saying, “The news came as a surprise to manufacturers who are still struggling to stay in business, CBN did not ban the importation of these items in 2015, the apex bank only put a restriction on the importation of these items.

“For items that can be produced in Nigeria, such manufacturers ought to be encouraged. This directive will further kill the manufacturing industry that is already struggling to survive.

“The problem is about policy somersaults, some of our members who have outrightly invested in backward integration will now start to regret this move because everyone who can assess FOREX will claim to be an importer, forcing sincere manufacturers to close shop and increasing the numbers of jobless persons.

“Nigerian manufacturers don’t really have any competitive advantage over those in other developing countries, at best, what you have is competitive parity, because something has to be an advantage if your competitors don’t have it. And the little incentive that government has provided now it has been removed by the directive from the Central Bank of Nigeria.”