Business

Only CBN supports steel manufacturers with long-term facility – Kamwire CEO

By Matthew Denis

The Chairman of the Basic Metal, Iron & Steel Fabricated Products, a
sectoral arm of the Manufacturers Association of Nigeria, (MAN) Dr.
Kamoru Yusuf, on Friday disclosed that the ongoing border closer has
saved Nigeria government scarce foreign exchange among other benefits.
He noted that not until recently when the land borders was closed, the
persistence of smuggling of different Iron and Steel products has made
the nation to loss about N504 billion with estimated value of 2million
tons of Iron as well as collapse of many industries within 3 years .
Dr. Kamoru Yusuf who is also the Group Managing Director/CEO of KAM
Holding Limited, stated this while speaking to journalists at the 54th
Bankers Dinner and Award Night held at the Balmoral Hall, Federal
Palace Hotel, Lagos.
Steel sector, according to him, is highly capital intensive and
require huge financial commitments in order to meet up with the market
demands and specifications.
He also commended the Central bank of Nigeria, (CBN) under the
leadership of Mr. Godwin Emefiele, supporting manufacturers with long
term loans facilities to boost their investments and for taking strong
stance on the need to sustain the ongoing land border policy aimed at
repositioning the nation’s economy.
He added that the federal government should adopt a no going back
policy on the land border closure in order to fully achieve the
benefits wholly and condemned some proponents of border re-opening
adding that “the unity, growth and development of Nigeria remain
sacrosanct beyond any individual gains aimed at subjecting us to
slavery and perpetually underdeveloped.”
“The gains of the policy are numerous to mention but specifically, its
impact on the socio-economic and security is unprecedented and
Manufacturers are now able to sell out the huge goods deposits in
their warehouses. The position of Mr. Emefiele is in continuation of
our aged-long plight and campaign against smuggling and importation of
substandard commodities into on country.
“We are in total support of the position of all the
stakeholders/investors who supported that the border closure should
continue. We have demonstrated high degrees of trust and love for
Nigeria as a nation and by extension to the entire citizenry who are
victims of the insurgency especially in the northeast. Also, more jobs
would be created, collapsed industries are in the revival process
while many new industries would spring up.”
“As the giant of Africa, it is an absurd for developed nations to
build warehouses in our neighboring countries and paying them heavily
for goods to be dumped therein and smuggled into our country with
little or no returns to our nation. They are killing us and we are
smiling, they are mortgaging the future of our generations yet unborn.
If Malaysia and other emerging nations can make it, who says we cannot
make it with consistency and sense of direction by our leaders?
“The CBN Governor, an astute financial expert has spoken and there is
need to tour the path of national interest rather than playing the
cards of some individuals who are the major beneficiaries of
abnormality affecting our nation.”
He therefore thanked President Muhammdu Buhari for providing enabling
environment for local businesses to thrive depsite all efforts by some
countries to continue dominate our economy.

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