Forex crisis, others threaten business growth – NECA

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The Nigeria Employers’ Consultative Association has stated that dwindling input and forex scarcity were adversely impacting businesses in the country.

The Director-General of Nigeria Employers’ Consultative Association, Mr Adewale Oyerinde, during a recent media parley in Lagos, said business must have critical inputs in the context of raw materials, finance and a stable environment to grow.He said, “The issue of input has become a challenge to most businesses, especially in the manufacturing sector. We must import inputs and because importation requires forex, the unavailability of forex becomes a major challenge.

He lamented that manufacturers had to approach the black market before they could have access to forex, having to pay double of what they had budgeted for production expenses. He noted that there was confusion about fiscal and monetary policies as different authorities, especially between the apex bank and the ministry of finance, were issuing contradictory fiscal and monetary policies, while they were supposed to work in synergy.

 

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