The Manufacturers Association of Nigeria (MAN) has expressed its opposition to the Central Bank of Nigeria’s (CBN) recently introduced Price Verification System. The association argues that the implementation of this system could have negative implications for manufacturers in the country. In a recent interview, the Director-General of MAN, Segun Ajayi-Kadir, highlighted the concerns and urged the CBN to reconsider its decision.
Manufacturers believe that the Price Verification System will add an additional layer of administrative burden to their operations. The system requires manufacturers to submit their prices to the CBN for verification, which could lead to delays and increased paperwork.
MAN argues that the Price Verification System lacks flexibility and may not adequately consider the unique challenges faced by different manufacturers. The association believes that a one-size-fits-all approach may not be suitable for the diverse manufacturing sector in Nigeria.
MAN is concerned that the Price Verification System could lead to price distortions in the market. Manufacturers fear that the system may not accurately reflect the true cost of production, leading to either overpricing or underpricing of goods.
The association believes that the implementation of the Price Verification System could negatively impact the competitiveness of Nigerian manufacturers. MAN argues that the additional administrative burden and potential price distortions could make locally produced goods less competitive compared to imported products.
MAN has called for increased dialogue and consultation between the CBN and manufacturers. The association believes that a collaborative approach would allow for a better understanding of the challenges faced by manufacturers and the development of more effective policies.
MAN suggests that the CBN should review and modify the Price Verification System to address the concerns raised by manufacturers. The association recommends a more flexible and tailored approach that takes into account the specific needs of different manufacturing sectors.