Chemical, non-metallic producers lament depreciation of Naira

naira
Naira

By Elizabeth Adegbesan

The President, Chemical and Non-Metallic Products Employer’s Federation, CANMPEF, Chief Devakumar Edwin, mentioned the sharp depreciation of the Naira goes to have an effect on companies if not rapidly addressed.

Speaking on the forty second Annual General Meeting of CANMPEF, in Lagos, Devakumar, who’s  the Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Group PLC, advisable, amongst different issues, that the federal government ought to intensify efforts to encourage sectors of the economic system that enhance the nation international change incomes potential to ease heavy dependence on foreign exchange whereas rescuing the Naira from free fall.

He mentioned:”The oil worth has gone up considerably and nonetheless the financing costs truly elevated. As we’re conscious the oil costs are nonetheless going up and it’s equally thought that the cash will assist us ease the greenback state of affairs.

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“The naira free fall goes to have an effect on each method of companies after which we are able to guarantee we want a worth response. It goes to carry down the buying energy of the buyer and truly it would infiltrate our market. so these are vital areas which we’ll proceed to pursue.

“It is advisable that the federal government ought to intensify efforts to encourage sectors of the economic system that enhance the nation’s international change incomes potential, as an illustration, export of native items and providers to ease heavy dependence on foreign exchange whereas rescuing the Naira from free fall.’’

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Chemical, non-metallic producers lament depreciation of Naira

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