The unfavourable Forex regime and economic recession is causing serious harm to importation business
The volume of vehicles imported through the Nigerian ports has reduced drastically
This was revealed by the Operations Manager, Ports and Terminal Multiservices Limited, Mr Jack Angrish
The unfavourable Forex regime and economic recession currently ravaging Nigeria has affected the volume of vehicles imported through the Nigerian ports.
According to the Operations Manager, Ports and Terminal Multiservices Limited, Mr Jack Angrish, vehicle imports have reduced from 30,000 to 6,000 in the last six months.
Angrish said that the unstable and high cost of the US dollar over the local currency did not encourage vehicle trade in the period under review.
He made the statement today, November 5 in Lagos, the News Agency of Nigeria reports. Vehicle importation into Nigeria was before now a booming business.
His words: “This is time for the vehicle business operators to pool their resources together to facilitate domestic manufacturing.
“Vehicle imports have reduced from 30,000 to 6,000 in the last six months with the attendant problem of loss of jobs by terminal officials.
“Many vehicle seats are empty and this is the last quarter of the year.’’
Meanwhile, the managing director of Capital Oil and Gas and publisher of Authority newspaper, Dr Ifeanyi Ubah has declared himself the chief economist of Nigeria.
Dr Ubah also advised President Buhari on how to tackle the current dollar/naira disparity in the country.
Ubah who was speaking at a youth gathering in his home-state of Anambra said there is nothing wrong with the Nigerian economy, but rather opined that the country’s major problem is that it has bad economic managers.
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