Forex: MAN president advises industrialists to look inwards

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Mr Frank Jacobs, the President, Manufacturers Association of Nigeria (MAN), on Monday advised industrialists to look inwards in view of the current scarcity of foreign exchange. Jacobs gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos. “We are beginning to look inwards owing to the cumbersome nature in accessing foreign exchange to buy raw materials. “The backward integration creates room for improved efficiency and a cost saving measures for businesses,
’’ he said. The MAN president said that this approach would create jobs for many teaming youths and improve business margins for domestic producers. “The model has the tendency to reduce the cost of transportation for manufacturers and makes commodities more competitive in the market. “This will create room for more people taking into manufacturing as a substitute for importation and raise the nation’s gross domestic product in the long run,’’ Jacobs said.

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