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The Manufacturers Association of Nigeria (MAN) has expressed concern over the significant losses suffered due to foreign exchange scarcity and declining rates.
The Chairman of the Basic Metals, Iron and Steel Fabricated Metal Sectoral Group of MAN and a member of the National Council, Kamoru Yusuf, made this statement during a visit by the Senior Course 47 2025 from the Armed Forces Staff and Command College to his KAM Holding Limited in Ilorin, Kwara State.
Yusuf noted that manufacturers are unable to remit funds for imported raw materials that have already been converted into finished goods and sold, given the current higher foreign exchange rates compared to when transactions were initially made.
He commended President Bola Tinubu for implementing policies aimed at stabilizing the naira, controlling inflation, and addressing currency speculation, which have made currency stability against the Dollar difficult.
Represented by Vice Chairman Dr. Mrs. Iyadunni Yusuf, he expressed optimism that government assistance in the steel manufacturing sector would benefit both the sector and the country at large.
Yusuf conveyed hope that the visitors would better understand the various processes associated with manufacturing Iron and Steel Products through their tour of the facility, which would further validate the importance of their efforts in nation-building.
He emphasized the relevance of this visit's theme, 'Harnessing Grassroots Intelligence for Enhanced Internal Security,' highlighting the importance of local intelligence in identifying potential threats early.
Additionally, fostering collaboration with local communities helps establish trust between citizens and security forces, he asserted.
Meanwhile, the team leader from the Armed Forces Staff and Command College, Col. Mohammed, explained that the visit to Kwara State was prompted by the country’s security challenges, which led to updates in the College's curriculum to incorporate visits to select states.
He acknowledged the significant role of KAM Holding Limited in enhancing state security, noting that the employment opportunities provided by the company empower individuals, even those outside of it.
He added that it is encouraging to see a high number of female workers, who often belong to vulnerable groups in the community, contributing to resolving some of the security issues in the state.
