Sunday 24th September, 2017
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Businessman urges CBN to provide forex for manufacturers

Businessman urges CBN to provide forex for manufacturers

The Managing Director of Bascon Nigeria Lim­ited, Mr. Bassey James, has appealed to the federal government to save the man­ufacturing sector in the coun­try from total collapse by pre­vailing on the Central Bank of Nigeria to provide local man­ufacturers unfettered access to foreign exchange.

Speaking in an interview with our correspondent in Uyo on Thursday, the entre­preneur also lamented the in­ability of local manufacturers to access foreign exchange particularly the dollar, a situ­ation, which has crippled the manufacturing sector.

“There is no reason why our manufacturing sector should not do well if government lib­eralizes its forex policies to enable our local manufactur­ers, even those in Ariaria mar­ket, have unfettered access to foreign currencies particular­ly the dollar.

“It is unfortunate that manufacturers in the coun­try cannot access forex and that is telling negatively on our economy and wellbeing because companies are clos­ing down, jobs are lost and the consequences are pover­ty and frustration”.