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The Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe,who spoke in Lagos on Monday at the Nigerian Economic Summit organised by Economist Events, an arm of The Economist of London,has said a number of manufacturers were facing hard times due to their inability to access forex to buy raw materials.
According to him, there is a need to explore import substitution, while efforts are being made to boost forex supply in the country.
Wigwe said, “We have a lot of manufacturers who have to rely on forex for their raw materials but who are going through tough times. However, are there opportunities? I believe there are. I think it is time for us to move towards import-substitution. But I think we need to do things to support the supply side of forex and liberalise the market.
“Even for those who have to source their raw materials locally, there is a value chain effect. If the entire value chain in a production process is not sorted out, we will have a problem. So, access to foreign currencies for raw materials is important. However, it is important that people start looking at how to use local raw materials to produce.”
