Nigerian Manufacturers grumble over Dollar scarcity

Nigerian Manufacturers grumble over Dollar scarcity

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Due to current flexible exchange policy imposed by the Central Bank of Nigeria, Manufacturing companies in the country are crying over their inability to access foreign exchange (forex).

The Group Managing Director, Vitafoam Nigeria Plc, a quoted company on the Nigerian Stock Exchange, NSE, Mr. Taiwo Adeniyi said yesterday that manufacturers in the country are facing difficulties in accessing forex under the new flexible exchange rate as scarcity still persists.

According to him: “We the real manufacturers are calling on the CBN to create a special window to enable us get forex as at when needed so as not to halt production. If we cannot access forex to get raw materials for production, how can we continue in business? So there is need for the CBN and the federal government to address problem. If we produce we cannot layoff employees, but where we cannot produce, then we would be compelled to sack staff.”’

Continuing, he said: “Our Company, two days ago bid for forex at N282/Dollar, but we were not given. They said there is no enough dollar and we should wait for another 30 days. So, how can we be waiting when we needed to produce?. We are a serious manufacturing company, so can we succeed under this economic meltdown. The government should react quickly if it really wants the economy to move forward. As it is now nothing is moving in the sector.”

He pleaded that the federal government should address the chronic shortage of dollar and also revive Eleme Petrochemical Industry to live up to its strategic objective of serving as a hub for providing raw materials.

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