Encouraged by the availability of forex, manufacturers have spent more on imported raw materials while reducing local sourcing in 2018, Anna Okon writes. Local sourcing of raw materials has dropped significantly since the country emerged from recession and manufacturers could access foreign exchange.
The Manufacturers Association of Nigeria confirmed this in its perspectives on the 2019 budget.
“The aggregate local sourcing of raw materials by the manufacturing sector dropped to about 57.87 per cent in 2018 from 63.21 per cent recorded in 2017,” the President, MAN, Mansur Ahmed, stated…
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