Manufacturing companies in Nigeria are lamenting over their inability to access crucial foreign exchange (forex) under the current flexible exchange policy introduced by the Central Bank of Nigeria, CBN.
According the Group Managing Director, Vitafoam Nigeria Plc, (a Nigerian Stock Exchange) listed company, Mr. Taiwo Adeniyi, “manufacturers in the country are facing difficulties in accessing forex under the new flexible exchange rate as scarcity still persists. “
“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.” He said.
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.”
Mr. Adeniyi pleaded with the federal government to address the shortage of dollar and also revive the Eleme Petrochemical Industry to live up to its strategic objective of serving as a hub for providing raw materials.
