MAN laments losses due to foreign exchange scarcity and fluctuating rates

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The Manufacturers Association of Nigeria (MAN) has expressed concern over the significant losses incurred by manufacturers due to the scarcity and fluctuating rates of foreign exchange. Alh. Kamoru Yusuf, Chairman of the Basic Metals, Iron and Steel Fabricated Metal Sectoral Group of MAN, made this known during a visit by the Senior Course 47 2025 of the Armed Forces Staff and Command College to his company, KAM Holding Limited, in Ilorin, Kwara State.

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Yusuf explained that manufacturers are struggling to remit payments for imported raw materials that have already been converted to finished goods and sold, due to the significant increase in foreign exchange rates. He appreciated President Bola Tinubu for introducing policies aimed at stabilizing the naira, reducing inflation, and tackling currency speculation

According to Yusuf, “It is our hope that your tour of our facility will further expose you to the numerous processes involved in the manufacturing of iron and steel products and further build your confidence in the need to appraise our efforts in nation-building processes.” He also emphasised the importance of grassroots intelligence in enhancing internal security, stating that “collaboration with local communities builds trust between citizens and security agencies.”

The team lead of the Senior Course 47 2025, Col. Mohammed Jaji, noted that the visit was part of the college’s efforts to update its curriculum and address security challenges in the country. He commended KAM Holding Limited for its role in promoting security in Kwara State, particularly through job creation and empowerment of vulnerable groups, including women. Mohammed said, “It’s also gratifying that most of the workers are females that fall vulnerable in our community. Whether known or unknown, this is helping in solving some security issues within the state.”

Dr. Mrs. Iyadunni Yusuf, Vice Chairman of KAM Holding Limited, represented Alh. Kamoru Yusuf and expressed the company’s belief that with government support, the steel manufacturing sector and the country as a whole will benefit. She highlighted the importance of the visit in showcasing the company’s processes and contributions to nation-building

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