Nigeria : Wood industry operators seek removal of forex restrictions on particle boards

Business News


“The Central Bank of Nigeria (CBN) should review the Lists of 42 items with a view to remove the foreign exchange restrictions on particle boards.”

The Wood and Wood Products including Furniture Sectoral arms of the Manufacturers Association of Nigeria (MAN) made this appeal in a document seen by Nigeria Industrial Digest.

It was learned that because they could not bring in particles boards, one of the major raw materials used by the industry, capacity utilisation for the industry stands at 57.44 percent from 2017 up to 2018.

The document said that the officers of the industry have met with the Federal University of Technology, Akure, Ondo State, and the Raw Materials Research and Development Council (RMRDC) to address the issue of local sourcing of primary raw materials for the industry such as based panel, plywood and particle boards, all of which are aimed at reversing the current trend of furniture import and encourage export of the product.
It also said that the umbrella body of the group, MAN, is seeking foreign investors to come to Nigeria and set up sawmills for production of high-quality woods for the wood sub-sector.

In Picture  : Engr Mansur Ahmed, MAN President answers journalists questions at a public event in Lagos 


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