$10bn Nigerian Manufacturers Money Trapped Abroad LCCI Director

The Director, Research and Advocacy, Lagos Chamber of Commerce and Industry, Mr Vincent Nwani has disclosed that about $10bn being proceeds from agricultural and manufacturing products sold by Nigerian businessmen are currently trapped in different countries due to negative confidence.According to him, these proceeds could only be repatriated unless the federal government changes the negative perception and confidence in the Nigerian manufacturing and industrial sectors adding that the scarcity of foreign exchange has stalled the exportation of dollar income.He stated this yesterday at the presentation of findings on manufacturing sector survey during a stakeholders dialogue on the manufacturing sector, organized by NOIPolls in collaboration with Centre for the Study of the Economies of Africa in Abuja.Nwani recalled that Nigerians in Diaspora contributed $23bn in 2013 to the economy which dropped to $5bn last year adding that their contribution could fall as low as $3bn this year due to negative confidence.While maintaining that the manufacturing is the number one sector that is worst hit in Nigerias economic recession, he called on the Central Bank of Nigeria to reinstate the 16 out of 41 imported items banned from attracting valid forex.
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