Market News

Kamoru Yusuf, Chairman of the Basic Metals, Iron and Steel Fabricated Metal Sectoral Group of the Manufacturers Association of Nigeria (MAN) and a member of its national council, has lamented the massive losses suffered by manufacturers due to the scarcity and volatility of foreign exchange.

Yusuf made this known at the weekend during a courtesy visit by members of the Senior Course 47, 2025 of the Armed Forces Command and Staff College, Jaji.

The delegation, led by Col. Usman Hashim Mohammed, visited KAM Holding Limited, a leading steel manufacturing company in Ilorin, Kwara State.

Speaking through Iyadunni Yusuf, Vice Chairman of KAM Holding, the Group Managing Director revealed that many manufacturers have been unable to remit payments for imported raw materials. These materials, according to him had already been processed into finished goods and sold when the exchange rate was significantly lower than it is today, resulting in substantial financial losses.

Despite these challenges, Yusuf commended the administration of President Bola Ahmed Tinubu for introducing policies aimed at stabilizing the naira, curbing inflation, and addressing currency speculation, which he said has posed a major challenge to the value of the national currency.

He expressed optimism that with increased government support for the manufacturing sector, both the industry and the national economy would experience greater development.

“We hope that your tour of our facility will offer deeper insight into the intricate processes involved in the production of iron and steel products and enhance your appreciation of our contributions to national development,” he said.

Commenting on the theme of the delegation’s visit, ‘Harnessing Grassroots Intelligence for Enhanced Internal Security’, Yusuf emphasized the importance of engaging local communities in intelligence gathering.

He noted that early detection of threats often stems from such grassroots interactions and that collaboration between communities and security agencies fosters trust and enhances security outcomes.

Yusuf added that KAM Holding has grown significantly over the years, with one of its core motivations being to reduce unemployment and contribute to social stability.

In his remarks, Usman Hashim Mohammed explained that the visit to Kwara State was part of efforts to deepen understanding of the security landscape across Nigeria.

He noted that the College’s curriculum had been updated to include environmental visits to states experiencing varying security dynamics.

Mohammed praised KAM Holding for its critical role in promoting security through job creation, “The employment opportunities provided by KAM Holding have had a ripple effect beyond the company itself.

“It is particularly heartening that many of the employees are women, a demographic often considered vulnerable. Whether directly or indirectly, this is helping to address security challenges in the state.”