BILLIONS OF DOLLARS TRAPPED ABROAD

The Lagos chamber of commerce and industrial director for research and advocacy, Vincent Nwani has disclosed that the $10 billion proceeds from agriculture, sold and manufactured by Nigerians are in the hands of countries abroad, due to our unreliable policies.

This was stated at the stakeholder’s dialogue on the manufacturing sector of Nigeria during her presentation of findings, organized by NOIPOLLS in collaboration with the centre for the study of the economies of Africa, yesterday at Abuja.

Mr. Nwani called for an urgent review of such unfavorable policies as, restriction of 41 items from access to foreign exchange and high interest rate affecting businesses in the country.

In his speech, “the $10 billion dollars proceeds could only be repatriated if the federal government creates a better and more confidential perception in the agricultural and industrial sectors, because the deficiency in Nigeria’s foreign exchange has stalled exportation in the income of dollar.

“Nigerians in homogeneity contributed $23billion dollars to the economy, which fell to $5billion last year and if proper care is not taken, it could still fall for as low as $3 billion dollars this year, due to the country’s unreliable policies.

He also pointed at the fact that the manufacturing sector is the worst hit among other sectors in Nigeria’s economy. He also pleaded with the Central Bank of Nigeria, to return the 16 imported item that were banned from enhancing valid forex.