Manufacturers spent N1.88tn on raw materials import in nine months, foreign trade reports of the National Bureau of Statistics have shown. They claimed may be forced out of business by the current difficulty they grappling with sourcing raw materials. “Whether you are buying raw materials or machinery, you are still dependent on the black market, unfortunately,” he said. “My raw materials were depleted two months ago, but I have not been able to restock them because I cannot find dollars. 70 to 80 per cent of the raw materials we use in Nigeria are imported.

Source: Punch December 19, 2022 14:18 UTC