FG policy cost traders N1.46 trillion

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February 29, 2016 12:01 PM

Inadequate supply of foreign exchange by the Federal Government has led to a lull in business activities and according to Kaduna Chamber of Commerce, Industry, Mines and Agriculture, the private sector has suffered a 1.46 trillion naira loss.

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Organised Private Sector lost about N1.46 trillion as a result of the stalled business activities due to inadequate supply of foreign exchange as a result of Federal Government policy, President, Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), Dr. Abdul- Alimi Bello has said.

Speaking at the 37th edition of the Kaduna International Trade Fair, Bello said the inclusion of essential raw materials which are not available locally in the list of items not valid for FOREX will cause attendant‎ unemployment.

“Let me tell you, the Organized Private Sector has lost about N1.46 trillion within six months as a result of the stalled business activities due to inadequate supply of foreign exchange. The Federal Government's policy should be looked at,” Bello said.Bello disclosed that the previous editions of the Kaduna International Trade Fair have witnessed an upsurge in the number of participants, stakeholders and patrons. He said the theme of the trade fair which is promoting Solid Mineral Sector for Sustainable Economic Development in Nigeria is to complement and support the genuine aspiration of the current government for a robust diversification of the national economy and reduction in over dependent on oil and gas.

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