The continued scarcity of foreign exchange (forex) is taking a more worrisome dimension as the Federal Government yesterday admitted that foreign investors in blue chip firms are threatening to relocate their businesses out of the country.

The government, through the Ministry of Industry, Trade and Investment, however, pledged to intervene on behalf of Nigerian exporters under the auspices of the Manufacturers Association of Nigeria’s Export Promotion Group (MANEG). The Minister of Industry, Trade and Investment (FMITI), Otunba Adeniyi Adebayo, made these known at the 5th Annual General Meeting of the Manufacturers Association of Nigeria’s Export Promotion Group (MANEG) in Lagos. The minister explained that forex distribution and earnings were major concerns for everyone in the economy, including foreign firms.

He specifically noted that there was a mass influx of envoys trooping into the ministry over the forex problems with their countries’ investors. Adebayo added that to make matters worse, some of the foreign firms in Nigeria were threatening to dump the country and relocate to neighbouring countries for greener pastures since the forex challenge is affecting their businesses drastically.

The industry minister, however, stressed that the government was doing everything possible to address the challenge by doubling efforts to tackle the deplorable oil theft impacting negatively on earnings. Adebayo said: “Foreign exchange is a major problem for everybody. From the woman on the street selling pepper to the retailers in Nigeria, FX is a major concern. (New Telegraph)

Update news