Manufacturers, consumers adopt local substitutes to beat forex scarcity

resorting to homegrown substitutes for imported raw materials to keep product costs within the reach of consumers.

The managing director of Bendock Limited, Steven Kalu, said demand for foreign goods has dropped as prices soared with many Nigerians looking inward for the closest substitutes of products and services. Chief Executive Office of the Centre for the Promotion of Private Enterprise , Dr Muda Yusuf said dollar scarcity has created stronger incentives for manufacturers and importers to look inwards now than ever before.

Yusuf called on research institutes to rise up to the occasion and government roll out policies, to support those initiatives. Yusuf said that developing the non-oil export sector is absolutely imperative, given that this holds vast potential for generating a significant amount of foreign exchange earnings.An economist and managing director of Financial Derivatives Company Limited, Bismark Rewane, explained why the naira’s fortune has continued to decline and dollar inflows are on the decline.

While the CBN is working on achieving price rate stability, something should be done to address the rising dollar demand and ensure that those things can be produced locally, and are not imported.

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