Business

Yusuf: Forex volatility reason for shrink in Nigeria’s manufacturing sector

The Director of the Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said foreign exchange volatility impacted firms’ losses negatively.

Yusuf, the former Director-General of Lagos Chamber of Commerce and Industry, disclosed this to the Newsmen on Monday while reacting to the planned exit of GlaxoSmithKline (GSK) from Nigeria.

Last week, GlaxoSmithKline said it is eyeing closing operations in Nigeria.

Yusuf said the challenging macroeconomic environment in the country hurts Nigeria’s manufacturing sector.

“The losses declared by reacting to the firms recently manifested the impact of exchange rate risk”, he said.

Recall that the Central Bank of Nigeria floated the Naira at the forex market in June.

Akanji Philip

Akanji Philip has been working as a reporter with VOICE AIR MEDIA, both onsite at the head office in Odi-Olowo, Osogbo, and remotely since 2021. He has covered events at notable political venues, involving prominent figures such as former Osun Governor Adegboyega Oyetola, current Osun State Governor Senator Isiaka Adetunji Adeleke, former Vice President Professor Yemi Osinbajo, the late Ondo Governor Rotimi Akeredolu, Oyo State Governor Seyi Makinde, and various other representatives and lawmakers. In addition, he has represented the company at various press conferences at police stations and has reported on occasions featuring entertainers and actors, such as Kola Oyewo during Oba-Ile Day in Osun State, among others. 📞 +2349058501092, +2348137827714 ✉️ akanjiphilips100@gmail.com