The Nigerian Economic Group Summit says Nigeria’s weak manufacturing is a significant factor fuelling the shortage of foreign exchange
The NESG Senior Economist, Dr Wilson Erumebor, stated that the last seven years for the country had been plagued with hardship especially after battling two economic recessions.
He says Nigeria Is not producing enough for local consumption and export. The consequences of having a weak manufacturing base for a country with such a large population are evident in its foreign exchange shortages, the limited number of jobs created to accommodate workforce entrants, and an import bill that can hardly be met (nor sustained) by current export earnings.
Erumebor noted that 90 per cent of workers are employed in sectors with low productivity levels—agriculture and non-tradable services.