The local producers also predicted an all-time unemployment rate at 50 per cent owing to the disruption caused by the Coronavirus (COVID-19) pandemic. Government should also support manufacturing concerns with existing loan facilities by reviewing the terms, especially reducing interest rates to five per cent with a two-year moratorium. “The CBN should also grant manufacturers increased access to Foreign Exchange at pre COVID-19 rate to support the importation of raw materials, machines and spares that are not available locally. This will improve the disposable income of Nigerian workers, stimulate consumption, promote an upsurge in demand and increase production output. “As a matter of urgency, direct that cargoes containing manufacturing raw materials are cleared swiftly, and ensure compliance with additional free days from the terminal and shipping lines to clear the containers to avoid demurrages as already announced.

Source: The Guardian September 17, 2020 04:30 UTC