The Director, Research and Advocacy, Lagos Chamber of Commerce and Industry, Mr Vincent Nwani, who made this known said, these proceeds could only be repatriated unless the federal government changes the negative perception and confidence in the Nigerian manufacturing and industrial sectors adding that the scarcity of foreign exchange has stalled the exportation of dollar income.
Nwani stated this on Tuesday, August 23, at the presentation of findings on manufacturing sector survey during a stakeholders’ dialogue on the manufacturing sector, organised by NOIPolls in collaboration with Centre for the Study of the Economies of Africa in Abuja.
He recalled that Nigerians in Diaspora contributed $23bn in 2013 to the economy which dropped to $5bn last year adding that their contribution could fall as low as $3bn this year due to negative confidence.
While maintaining that the manufacturing is the number one sector that is worst hit in Nigeria’s economic recession, he called on the Central Bank of Nigeria to reinstate the 16 out of 41 imported items banned from attracting valid forex.
