Business READ: What Access Bank GMD 'Wigwe' Said About Dollar Scarcity in Nigeria

The Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, has stated that manufacturers should look to import-substitution as a means of battling the dollar scarcity in the nation.

According to him a number of manufacturers were facing hard times due to their inability to access forex to buy raw materials. He said there is a need to explore import substitution, while efforts are being made to boost forex supply in the country.

“We have a lot of manufacturers who have to rely on forex for their raw materials but who are going through tough times. However, are there opportunities? I believe there are. I think it is time for us to move towards import-substitution. But I think we need to do things to support the supply side of forex and liberalise the market.

“Even for those who have to source their raw materials locally, there is a value chain effect. If the entire value chain in a production process is not sorted out, we will have a problem. So, access to foreign currencies for raw materials is important. However, it is important that people start looking at how to use local raw materials to produce.”