By Elizabeth Adegbesan
The President, Chemical and Non-Metallic Products Employer’s Federation, CANMPEF, Chief Devakumar Edwin, said the sharp depreciation of the Naira is going to affect businesses if not quickly addressed.
Speaking at the 42nd Annual General Meeting of CANMPEF, in Lagos, Devakumar, who is the Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Group PLC, recommended, among other things, that the government should intensify efforts to encourage sectors of the economy that increase the nation foreign exchange earning potential to ease heavy dependence on forex while rescuing the Naira from free fall.
He said:”The oil price has gone up substantially and still the financing prices actually increased. As we are aware the oil prices are still going up and it is equally thought that the money will help us ease the dollar situation.
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“The naira free fall is going to affect every manner of businesses and then we can assure we need a price reaction. It is going to bring down the purchasing power of the consumer and actually it will infiltrate our market. so these are critical areas which we will continue to pursue.
“It is recommended that the government should intensify efforts to encourage sectors of the economy that increase the nation’s foreign exchange earning potential, for instance, export of local goods and services to ease heavy dependence on forex while rescuing the Naira from free fall.’’
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