Weak Manufacturing sector reason for FX shortage in Nigeria – NESG

The Nigerian Economic Summit Group, NESG, says Nigeria’s weak manufacturing sector is a significant factor fuelling the shortage of foreign exchange.

The NESG Senior Economist, Dr Wilson Erumebor, disclosed this in a recent paper published by Foresight Africa recently.

In the report titled “Nigeria in 2023: Bridging the productivity gap and building economic resilience”, Erumebor disclosed Nigeria’s economy continued to suffer in the last seven years following two recessions.

He added, “In the last seven years, economic activity has shifted towards agriculture and a manufacturing sector slowdown. Part of the economy’s problem is the neglect of the manufacturing industry.”

Economic hardship spurred by an energy crisis, multiple foreign exchange markets, and the Naira crisis have been significant problems Nigerians face.

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