Nigeria: Forex Regulation Forcing Exporters to Cut Corners - Obiora Madu

30 May 2022

Federal Government's foreign exchange, forex, policy is forcing Nigerian exporters to cut corners, the Chief Executive Officer of Multimix Export Academy, Obiora Madu, has said.

Speaking at the public presentation of the Nigerian Logistics And Supply Chain Industry Report, NLASCIR, for 2021, Madu said that different government agencies' issuance of conflicting directives on forex repatriation is not friendly to exporters some of who are forced to keep their earnings abroad.

According to him, "Because we have oil in Nigeria we are not paying attention to export yet. The environment is not friendly but the exporters are still struggling in exporting.

"One major problem is policies inconsistency because one government says every exporter has access to their foreign exchange then someone else says 100 per cent of their foreign exchange is under control and they must sell at a certain rate.

"Another one is national integrity; that is another problem because everybody is afraid of Nigerians, which is affecting export because you are not getting the kind of market you want, your goods are going on discounted in prices.

"They are forced to open domiciliary accounts outside Nigeria, once the goods come in they find a way to let the goods go out illegally because if you do from Nigerian ports; they must repatriate but if you do not export through Nigerian ports then the money is theirs, and this encourages corruption," he said.

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