By Nkiruka Nnorom

The Manufacturers Association of Nigeria, MAN, Ikeja branch, has called on the Federal Government to work towards a proper coordination of fiscal and monetary policies to check the high inflationary trend in the country.

The president, Prince Felix Okojie, who made the call at the 50th  Annual General Meeting, AGM, of the association in Lagos, called on the Central Bank of Nigeria, CBN, to formulate policies that would boost industrial production.

He said the rising cost of food, transport, and energy would reduce, if the Federal Government created appropriate fiscal policies and effectively implement them.

He said: “Neither the fiscal policy instruments nor the monetary policy instruments alone can engender or trigger economic growth. They can contribute to stifling or worsening unemployment if they are wrongly structured.

“While we join the rest of Nigerian community to rejoice on the exit of the nation from recession, I enjoin the CBN to formulate policies that would boost industrial and economic growth for a total exit from the current recession and progression into economic boom.’’

He lamented the prevailing high interest rate regime prevalent in the country, saying it was depriving the manufacturing sector the opportunity for growth.