Chamber seeks access to FOREX for raw materials inputs

The Awka Chamber of Commerce and Industry, Mines and Agriculture (AwkaCCIMA) has decried the lack of access to foreign raw material inputs due to high cost of foreign exchange.

Chief Felly-Zontal Akosa, the President of the chamber expressed the concern in an interview with the news agency of Nigeria (NAN) in Awka on Wednesday.

Akosa said that the difficulties associated with procuring foreign raw materials without local substitute was negatively affecting business and resulting in shutdown of some outfits.

He said firms that depended largely on local raw materials were also having problems with importation of machines and equipment to process them.

He called on the Central Bank of Nigeria (CBN) to ease the foreign exchange environment to enable businesses have increased access to FOREX for them to stay in business.

Akosa, who blamed the increased social disorderliness among the youth on unemployment and poverty, said the Organised Private Sector (OPS) if enabled could absorb a large number of unemployed youths.

The chamber boss called for special protection for investors by the Federal Government and monetary authorities through creation of subsidy for them on FOREX.

“Scarcity and high cost of foreign exchange is killing business because we can’t import raw materials that we use and even those that depend on local materials, they can’t import the machines.

“They have subsidy for some people who use FOREX but these people are not in business, they should subsidise us too because we are major users and ours go into the economy directly,” he said.