AwkaCCIMA urges CBN to give forex subsidy to manufacturers

Chamber of Commerce and Industry, Mines and Agriculture

Awka Chamber of Commerce and Industry, Mines and Agriculture (AWKACCIMA) has decried the lack of access to foreign raw material inputs due to high cost of foreign exchange.

The President of the Chamber, Chief Felly-Zontal Akosa, who expressed the concern in an interview in Awka, said the difficulties associated with procuring foreign raw materials without local substitute is negatively affecting business and resulting in shutdown of some outfits.

The firms that depended largely on local raw materials, according to him are also having problems with importation of machines and equipment to process them.

He called on the Central Bank Of Nigeria (CBN) to ease the foreign exchange environment to enable businesses have increased access to forex for them to stay in business.

Akosa, who blames the increased social disorderliness among the youth on unemployment and poverty, said the organised private sector (OPS) if enabled could absorb a large number of unemployed youths.

The Chamber Boss therefore called for special protection for investors by the Federal Government and monetary authorities through the creation of subsidy for them on forex.

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