The scarcity of foreign exchange for importation of raw materials by local industries is adversely affecting the sector as over 50,000 workers have lost their jobs in Abuja in the last two months.

The President, Abuja Chamber of Commerce and Industry (ACCI), Mr. Tony Ejinkeonye, confirmed the job losses in an exclusive interview with PUNCH in Abuja.

His words: “Currently, in Abuja, we have about 50,000 workers that have lost their jobs in the last two months. I must confess this is not a good time for the manufacturing sector.”

Similarly, President of Manufacturers Association of Nigeria, Frank Jacobs, said about 10 companies had formally notified the association of their intention to shut down operations before the end of this month.

Majority of manufacturers operating in Abuja could no longer access foreign exchange to import raw materials, adding that those who managed to get forex from the black market could not sell their products as consumers could not pay the high prices.

He said, “As manufacturers and industrialists, the scarcity of foreign exchange has affected us in the area of raw materials that need to be imported. We cannot access foreign exchange anymore to import raw materials.

“Also, maintenance of some facilities has become a problem because the spare parts have to be imported and the inability to get foreign exchange to import them has impacted negatively on our operations.

“Some of our members who are manufacturers have even gone to the extreme of withdrawing their goods from the market and need to increase their prices to reflect the high foreign exchange rate. Many of us are having the problem of retaining our workers because the production is being hampered by lack of raw materials.”

– The situation is getting critical, though Dollar is coming down but a whole lot still needs to be done.