Manufacturers have raised alarm over the scarcity of dollars in the nation’s economy, saying that the development might lead to loss of jobs in the sector as the survival of industries are threatened.
Speaking at the quarterly business luncheon of the Institute of Directors on Thursday, a Director of Daraju Industries Limited, a fast-moving consumer goods company, Mr. Oscar Macaulay, said that they were on the verge of closing down due to the scarcity of foreign currency to purchase raw materials.
He warned that about 400 direct jobs and 2000 indirect jobs were on the verge of being lost, and urged the Federal Government to intervene in order to avert the crisis.
According to him, about 20% of imported finished products from China are competing with theirs, making it difficult to cope with the situation.
The Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, confirmed that several of such complaints had been received by the ministry, saying that a decision which would be effective in the short term and long term would be reached.
Enelamah explained that the FG planned to improve on the ease of doing business in the country by identifying the challenges and overcoming them.
Look inwards if u have to”Dollar Scarcity Threatens Survival Of Manufacturing Companies” https://t.co/MJ7cD6TAEj #business #feedly