The Manufacturers Association of Nigeria (MAN) wants the Federal Government to get the most from diaspora remittances as part of moves to address the foreign exchange crisis in the country.
Nigeria’s currency – the naira – has plummeted against major currencies in the world, trading for about N1,700 to the dollar among others.
That has pushed the cost of products – mostly imported – beyond the reach of millions of Nigeria.
However, to address the issue, the Director-General of MAN Segun Ajayi-Kadir has called on the Nigerian government to look in the direction of diaspora remittances which hit $20bn in 2023, according to the World Bank.
“First, we must realise all the incomes we can get from oil and we should not have any impediment whether human, structural, or system imposed,” the MAN DG said on Tuesday during Channels Television’s Independence Day special event which was tagged, “Nigeria’s Challenging Economy: Strategies For Recovery”.
“We need to address the issue of diaspora remittance that has a very great potential of bringing in far more forex than Nigeria is receiving. Those can help address the foreign exchange challenges that we have.”
According to him, if the country works on these options and others, the foreign exchange crisis which is negatively affecting production in Nigeria, the situation can be addressed.
“Nigeria need not to suffer endlessly, “Ajayi-Kadir said.
