Chamber of commerce wants FG to allocate forex to genuine foreign business firms

folarin okunola

May 10, 2016 4:53 PM

Mr Dapo Adelegan, President of NBCC, told the News Agency of Nigeria (NAN) in Lagos that genuine foreign business operators were facing several challenges posed by the non-availability of forex to them.

Nigeria's President-elect Muhammadu Buhari (R) departs after meeting with Britain's Prime Minister David Cameron at Downing Street in London, England, May 23, 2015. REUTERS/Neil Hall

The Nigerian-British Chamber of Commerce (NBCC) on Tuesday appealed to the Federal Government to ensure that only genuine foreign business operators in the country had access to foreign exchange (forex) allocation.

Mr Dapo Adelegan, President of NBCC, told the News Agency of Nigeria (NAN) in Lagos that genuine foreign business operators were facing several challenges posed by the non-availability of forex to them.

This had impeded the operations of foreign firms like the British Airways, Virgin Atlantic and others, he said.

According to him, for months the British Airways, Virgin Atlantic and others have hundreds of millions of pounds sterling as profit which they cannot remit to their home countries.

He said that the chamber had explained to the British community that the government’s policy was to stem the collapse of the naira and that the government would review the policy.

"As a chamber, we have made it clear to the British community that this was a necessary step by the government to stem the total collapse of the naira.

"Besides, it is also to stop the disappearance of looted funds as a result of disbursement of huge foreign exchange in the last election.

"But, the government should take a second look at that policy and create various regimes of forex allocations that will ensure that international organisations are able to access forex and remit their gains," Adelegan said.

He urged President Muhammadu Buhari to seize the opportunity of his visit to United Kingdom (UK) for the International Anti-Corruption Summit to address the concerns of the British business community doing business in Nigeria.

NAN reports that President Buhari and other Heads of State will be hosted by Prime Minister David Cameron of Great Britain at the summit on May 12 in London.

Adelegan, however, lauded President Buhari’s anti-corruption crusade.

The government’s position had shown the world the present administration seriousness in reducing the scourge of corruption to its barest minimum in the country.

"The business community in Nigeria is directly and indirectly affected by the level of corruption in the country.

“The community is, particularly, worried about the negative perception of the country as a corrupt nation and the impact of that perception on international businesses.

"The President's participation in wiping-out corruption has begun to send a strong signal to the world about his seriousness in the fight against corruption," he said.

Adelegan stressed that the country would benefit from the summit's commitment to global anti-corruption pact that would prevent looters from laundering their loots from their countries to other parts of the world.

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