Due to a lack of foreign currency, manufacturers are experiencing severe raw material shortages, which is hurting the sector’s production activities.
PUNCH spoke with manufacturers who bemoaned the difficulty in obtaining foreign currency on the black market due to the restrictions placed on bureau de change operators’ operations and the possibility that many of them would go out of business.
Onafowokan also expressed confidence that if the naira maintained its current momentum, the price increases that followed the currency’s sharp decline would end.
He claimed that manufacturers were subject to the demands of the underground market, which was bad for the economy.
“Whether you’re buying raw materials or machinery, you’re still dependent on the black market, unfortunately,” he said.