In Abuja LCCI says wrong economic policies costing Nigeria $10b

Nwani also identified high interest rates as another factor that is affecting businesses in Nigeria negatively.

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LCCI Director, Research and Advocacy, Dr Vincent Nwani. play

LCCI Director, Research and Advocacy, Dr Vincent Nwani.

(Vincent Nwani)
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The Lagos Chamber of Commerce and Industry (LCCI) has revealed that businessmen have refused to pump money worth $10b into the economy due to some unfavourable  economic policies of the Buhari administration.

According to the  LCCI Director, Research and Advocacy, Dr Vincent Nwani, the Federal Government should review the 41 items it restricted from getting foreign exchange, adding that some of them are critical raw materials.

He said the items placed on the restriction list should be allowed, till Nigerians develop the capacity to produce them locally.

According to Nwani, “The ban on oil palm has led to the loss of about 100,000 jobs over the last couple of months, with major blue chip companies in Nigeria relocating to neighbouring countries.

“The ban on glass and glassware has led to the loss of 80,000 jobs, mainly in the pharmaceutical industry, as companies in this sector now find it difficult to package their products.

“Local production of oil palm is 600 metric tonnes annually, but the total demand of the country is 1.8 million metric tonnes.”

Nwani called on the Federal Government to always make policies that will create jobs and better the lives of Nigerians.

Adding that “The ban on oil palm has led to the loss of about 100,000 jobs over the last couple of months, with major blue chip companies in Nigeria relocating to neighbouring countries.

“The ban on glass and glassware has led to the loss of 80,000 jobs, mainly in the pharmaceutical industry, as companies in this sector now find it difficult to package their products.

“Local production of oil palm is 600 metric tonnes annually, but the total demand of the country is 1.8 million metric tonnes.

“For instance, it takes a minimum of five years for oil palm to be planted and for harvest. The CBN should have given us more time.

“The manufacturing and industrial sectors lost about N1.4 trillion as a result of Forex issues, while about 780 raw materials needed by the sector were affected by the restrictions placed by the CBN.”

Nine deposit money banks (DMBs) have been barred from the foreign exchange market by the Central Bank of Nigeria (CBN) for allegedly hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).

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