The foreign exchange crunch and declining value of the naira has caused many Nigerian importers to shift their focus to the export trade, mainly timber and solid minerals.
The President of the Shippers Association of Lagos State, Mr. Jonathan Nicol, speaking in an interview with the Punch Newspapers, said the development arose due to the current unprofitable nature of importation business.
According to him, what many import entrepreneurs are currently doing is going into some aspects of export, to cover for the period of lull in imports.
Nicol added that the solid mineral sector was another area of interest for importers, some of whom had already applied for prospecting licences.
He described the development as a positive one for Nigeria, adding that there was the likelihood that some members might not return to the importation business any more.
RT @BizWatchNigeria: Importers Move To Exports Of Nigerian Products As Forex Crunch Bites – https://t.co/2eilPsqxUg https://t.co/fMB5QYikse