The Manufacturers Association of Nigeria (MAN) has reported significant financial losses due to foreign exchange scarcity and depreciation.

Kamoru Yusuf, Chairman of MAN's Basic Metals, Iron and Steel Fabricated Metal Sectoral Group and National Council member, revealed this during a visit by the Armed Forces Staff and Command College Senior Course 47 to his KAM Holding Limited facility in Ilorin, Kwara State.

Yusuf explained that manufacturers are unable to remit payments for previously imported raw materials that have already been processed into finished goods and sold when exchange rates were considerably lower than current levels.

Speaking on his behalf, KAM Holding Vice Chairman Iyadunni Yusuf expressed optimism that government support for the steel manufacturing sector would benefit both the industry and the nation's economy.

"We hope your tour of our facility will demonstrate the complex processes involved in manufacturing iron and steel products and strengthen your appreciation for our contribution to nation-building," she stated.

Addressing the delegation's theme of "Harnessing Grassroots Intelligence for Enhanced Internal Security," she noted, "This approach promotes intelligence gathering through community engagement, as local intelligence can identify early warning signs of potential threats. Moreover, collaboration with local communities builds trust between citizens and security agencies."

Colonel Mohammed, who led the Armed Forces delegation, explained that environmental visits to selected states, including Kwara, were initiated in response to national security challenges, prompting curriculum updates at the College.

He commended KAM Holding's significant contribution to state security through employment creation, noting that the company has empowered not only its direct employees but also others in the community. "It's particularly noteworthy that many employees are women, who are often vulnerable in our society. This employment strategy, whether intentional or not, helps address security concerns within the state," he concluded.​​​​​​​​​​​​​​​​