The Manufacturers Association of Nigeria (MAN) wants the Federal Government to reap maximum benefits from diaspora remittances as part of moves to address the foreign exchange crisis in the country.
Nigeria's currency – the Naira – has fallen against the world's major currencies, with it trading at around N1,700 against the dollar, among other currencies.
This has put the cost of products – mostly imported – out of reach for millions of Nigerians.
However, to address the issue, MAN Segun Director General Ajayi-Kadir has called on the Nigerian government to pay attention to the direction of diaspora remittances, which according to the World Bank, is set to reach $20bn in 2023.
Read also: Nigerians can now receive diaspora remittances in Naira – CBN
“First of all, we must realize all the income we get from oil and we must not face any obstacles, whether human, structural or system-imposed,” the MAN director general said during Channels Television's Independence Day special on Tuesday. yes.” “Nigeria's Challenged Economy: Strategies for Recovery”.
“We need to address the issue of diaspora remittances which has huge potential to bring in far more foreign exchange than Nigeria receives. “They can help address the foreign exchange challenges we face.”
According to him, if the country works on these options and others, the foreign exchange crisis that is negatively affecting production in Nigeria can be addressed.
“Nigeria does not need to endure endless suffering,” Ajayi-Kadir said.
(TagstoTranslate)Diaspora(T)Forex(T)Man(T)Nigeria
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