With the introduction of the Foreign Exchange (FOREX) restriction on some items classified as finished products by the Central Bank of Nigeria (CBN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has called on government agencies and research institutes to look inwards and build enough capacity to produce locally.
The NACCIMA, which is a leading member of the Organised Private Sector (OPS), made this known yesterday at the association’s review of the state of the economy, yesterday in Lagos.
Speaking, the president of the NACCIMA, Dr Bassey Edem, said, “The CBN needs to synergise with government agencies and research institutes to stimulate the production of indigenous raw materials in the country in the medium term. This will enhance the backward integration in the real sector and further encourage diversification of the economy. In furtherance to the diversification efforts, the CBN should develop a strategy that would encourage manufacturing industries that have the capacity to manufacture exportable products and raw materials.
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