“We have things like cars, which is about four billion every year; sugar, fish, milk one billion each; wheat four billion; chemicals, three billion dollars; pharmaceuticals two billion dollars.”
The Director, Policy Advocacy Centre, ACCI, Mr Chidiebere Onwumere, said that foreign exchange unification held promises of increased transparency, improved access to forex and reduced market distortions. “Yet, it also raises concerns about the immediate impact on transportation costs, inflation, and the welfare of our citizens, especially those in vulnerable communities,’’ he said.
According to him, this could result in increased costs for imported raw materials, leading to potential price adjustments for end consumers. Alimi described the subsidy removal and unification of the foreign exchange as bold steps by the Federal Government, saying that it was a necessity for economic revival.Dr Chijiokr Ekechukwu, Vice President of ACCI, urged the Federal Government to fix the refineries and dvocated alternative sources of energy for cars to cushion the effect of the petrol subsidy removal.