Forex crisis, others threaten business growth

The Nigeria Employers’ Consultative Association reported that diminishing inputs and foreign exchange shortages were having a negative impact on the country’s enterprises.

During a recent media interview in Lagos, Mr. Adewale Oyerinde, the Director-General of the Nigeria Employers’ Consultative Association, stated that in order for businesses to flourish, they require raw resources, capital, and a stable environment.Information Guide Nigeria

In addition, businesses need a legislative framework or atmosphere that is conducive to their growth, he continued.

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. And even when forex is available, you can’t get the quantum of forex that you need to import sufficiently from the official market.”

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He lamented the fact that manufacturers had to turn to the illegal market in order to have access to foreign currency, forcing them to pay double the projected amount for manufacturing expenses.JAMB portal

Different agencies, particularly the central bank and the minister of finance, were releasing inconsistent fiscal and monetary policies, despite the fact that they were meant to function in tandem.JAMB Result

Oyerinde added that investors would not invest in an unstable economy and environment with several uncertainties.

“An investor that wants to invest will look for an environment that is stable. Where you can sufficiently predict that if I commit this to this project or business, this will be the likely outcome but the moment those uncertainties are there, then you start second-guessing, if you should invest or not,” Oyerinde explained.NYSC portal

“Consistently summoning CEOs for investigative activities, we believe that is distractive.”

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