The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to reconsider its newly introduced Price Verification System. MAN’s Director-General, Segun Ajayi-Kadir, expressed this concern in an exclusive interview with The PUNCH.
Ajayi-Kadir highlighted that the CBN’s Price Verification Portal is one of several government policies negatively impacting manufacturers in the country. He emphasized that manufacturers are already grappling with a series of challenging policies at a time when the economy is facing difficulties.
According to Ajayi-Kadir, the price verification portal is unnecessary and is hindering manufacturers’ ability to import raw materials, machines, and parts due to the portal’s price thresholds. He urged the CBN to discontinue the portal’s operation.
Additionally, the MAN DG called on the CBN to review its policies, aiming to eliminate obstacles affecting the real sector of the economy. He stressed the urgency of actions to revamp the economy and criticized unnecessary restrictions that could adversely affect genuine and struggling manufacturers.
The CBN officially launched its Price Verification System portal on August 17, with the requirement that all Forms M applications, starting from August 31, 2023, must be accompanied by a valid Price Verification Report generated exclusively from the portal. The move is intended to enhance transparency, accountability, and standardization in trade operations within the country.
Previously, members of the National Council of Managing Directors of Licensed Customs Agents had opposed the newly introduced price verification system at the country’s ports by the CBN, stating that it contravened relevant laws on import valuation. In a letter to various government officials, the group urged President Bola Tinubu to disregard the circular from the CBN regarding the introduction of the price verification system.
