Indigenous manufacturers in Nigeria say they have recorded a 50% leap in production capacity as demand and sales for some of the locally made goods have risen in recent months, a trend they attribute to the recent Central Bank of Nigeria (CBN) policy on foreign exchange. The manufacturers, at a press briefing held at the premises of Obasanjo Farms in Ota, Ogun State yesterday lauded the CBN policy describing it as the “greatest game changer for the fortunes of local manufacturers.” They also insisted that the apex bank should resist blackmail attempts by Nigerians, notably from importers, to rescind the policy, even in the immediate future. The briefing was done on behalf of the Ota based manufacturers by Messrs Nassos Sidirofagis, a Greek, and Managing Director of Tempo Food, Paper Pulp and Packaging Limited and Oluwasesan Taiwo-Tijani, a Nigerian, who is Managing Directors of Sren Chemicals Limited and Polymer Packaging Limited. The two manufacturers noted that with demand and sales leaping above the usual, there had been a corresponding increase in the production capacities of local companies as well as fresh employment opportunities created for citizens. “In the last three years, it was really so difficult for us to operate at our full capacity and to make profit,” said Sidirofagis. “But the new CBN policy has been the game changer for the fortunes of local manufacturers as Nigerian consumers who can no longer import the items that are consumed or utilised locally are now compelled to patronise what we are manufacturing. “In fact, the new policy has made Nigerians to even realise that the quality of our local goods are far higher than imported ones. Demand and sales have gone up. And our production capacity has also gone up by about 50-70 per cent and we now have to employ more,” he added. On his part, Taiwo-Tijani, said the CBN policy also offers a bright prospects for local manufacturers to start expanding their capacities and also plan ahead for exports. “Now we can smile a little because what we made in sales in my company for three months is what we now make for one month because most companies that import nylon bags and inks which we manufacture are no longer able to do so. They have no option than to buy from us,” said Taiwo-Tijani. “The CBN policy has given us the bright prospects to expand and to export. And we want the CBN to do everything to sustain the policy. Now more Nigerians are thinking of going into manufacturing and if the policy is sustained we will be producing about 70 per cent of what we consume in the nearest future,” he added. The manufacturers however demanded that the CBN wade in and ensure that interest rates are dropped while waivers are granted on duties on raw materials or feesstocks not found in Nigeria for local manufacturers.