• Companies
  • Updated: May 30, 2023

Forex Scarcity Hurting Manucturing Sector — May & Baker

Forex Scarcity Hurting Manucturing Sector — May & Baker

Pharm Patrick Ajah, the Managing Director and Chief Executive of May & Baker Nigeria, has decried the scarcity of foreign exchange (Forex) and multiple duties in the economy, saying that they are hurting the manufacturing sector.

Speaking at the company’s Customers’ Forum in Lagos, Ajah called on the government to urgently address these challenges and other unfriendly policies affecting the ease of doing business in the country.

“Companies like us import most of our raw materials. To import these materials, we need forex.

“Before 2016, companies never worried about forex, but these days, we don’t get forex and if we don’t get forex, it would be difficult to bring in products.

"Fluctuation in the exchange rate is another problem; when there is no supply, you cannot plan.

"These days you don’t know the duties you are paying because new people keep bringing up new policies.

“The government needs to sit down and understand the problem manufacturing companies are having.

"Many companies are going down with the challenges in the economy; the government needs to really pay attention to the problems companies are having, especially in the area of forex, ease of doing business, and harassment from government agencies.

“The harassment from government agencies is getting too much. 

“To send products from Lagos to the North, the checkpoints are enormous with police harassment, ease of doing business is the worst in this country.

“Even our customers are having similar challenges.” 

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