No fewer than 6,000 jobs are expected to be lost as five notable companies shut their production factories in Nigeria. Preliminary checks by The PUNCH indicate that the departure of the five companies means approximately 6,000 direct and indirect jobs may have been lost. At the top of the list of factors that have influenced the exit of international firms from Nigeria is the acute scarcity of foreign exchange. The LCCI also implores the government to create a more flexible and transparent foreign exchange policy to address scarcity issues. An economist, Alias Aliyu, in an exclusive interview with The PUNCH, has voiced serious concerns regarding the widening gap between the naira and dollar exchange rates.

Source: Punch December 12, 2023 02:59 UTC