• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, June 9, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Experts Offer Solutions To Forex Scarcity, Declining MSMEs Sector

by Kingsley Okoh
2 years ago
in Business
Trading
Share on WhatsAppShare on FacebookShare on XTelegram

Finance and economic experts have advised the federal government on ways to fix forex scarcity and declining Micro, Small and Medium Enterprises (MSMEs) in the country. 

Advertisement

MSMEs had earlier expressed dismay over poor labour capacity, sustainability of market deliverables and unprecedented surge in market disruption for the MSMEs across the subnational levels and Ministry, Department and Agencies(MDAs) in the country.

According to experts, the expectations of MSMEs job creation third quarter, 2022, was edged on low finances, Japa Syndrome, market volatility, supply chain disruptions, factory closure, poor infrastructure development, supply side risk, unavailability of forex, invasion of local taxes on informal sector, debts overhangs, amongst others.

Speaking during a media briefing recently, the national president of Association of small business owners of Nigeria (ASBON) Dr. Femi Egbesola, said the Nigerian government is battling challenges of forex that is not available, adding that, this has impacted on job creation for Small and Enterprises(SMEs) while companies have folded up and large numbers of SMEs are closing shops because of the myriads of challenges mentioned earlier. 

He insisted that a lot of foreign partners are divesting while local manufacturers and operators of SMEs are traveling out of the country 

RELATED

Ways To Retain Existing Customers For Business  Continuity

5 Listed Firms Raise N108bn Commercial Paper To Boost Working Capital

4 hours ago
Surging Food Prices, Transport Fare Mar Sallah Celebrations

Sallah: Business Owners Lament Low Patronage, Urge Govt’s Action

4 hours ago

Egbesola observed that high cost of doing business has eroded profit margins, noting that, political campaigns for the electioneering year has made government to abandon MSMEs just to focus on winning election and retaining power at all cost.

This, he said, has huge devastating impact on the business economy as more SMEs battles to survive the current headwinds and harsh operating terrain.

He added that government needs to increase capacity for the supposed beneficiaries of SMEs by collaborating and diversifying business interest to unlock market potential.

ASBON boss charged SMEs to explore export potentials to earn foreign exchange and improve the general outlook of the MSMEs in global markets to facilitate trade and investment.

Reacting, director, Centre for the Promotion of Private Enterprise, (CPPE), Dr. Muda Yusuf, charged government to tame inflation and reform monetary policy while pointing out that, some of the barriers to economic growth include; declining purchasing power, enduring structural limitations, lack of security, and crippling trade facilitation problems.

He also pointed out that the decline in manufacturing sector’s performance significantly affects employment, food inflation, and food security. 

He said the food processing sector has the most significant impact on jobs because of the solid backwards integration content and high multiplier effect in the agriculture value chain.

CPPE boss listed  recommendations to fix the GDP growth decline, which included ‘improving the macroeconomic headwinds of high inflation and currency volatility.’

He also emphasised the need to address the structural impediments to production and other economic activities and reform the foreign exchange market to inspire investors’ confidence.

The economist added that the country must begin to address the challenges of insecurity and logistics and take urgent steps to tame inflation and boost the purchasing power of the citizens.

There must be creative support for small businesses to promote economic inclusion and reform the monetary policies to facilitate financial deepening in the economy, he said.

This is even as the managing director of Stellarchem Nigeria Ltd, Ikpong Umoh, decried the daunting challenges of SMEs while stressing that, foreign exchange, energy crisis amongst others adversely impacted the critical role of Micro Small, and Medium Enterprises (MSMEs) in the nation’s economy.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


Tags: Forex Scarcity
SendShareTweetShare
Previous Post

Osuntokun Fit To Serve As Our Campaign DG – Obi-Datti

Next Post

Coca-Cola, Whitefield Foundation Support Flood Victims With $175,000

Kingsley Okoh

Kingsley Okoh

You May Like

Ways To Retain Existing Customers For Business  Continuity
Business

5 Listed Firms Raise N108bn Commercial Paper To Boost Working Capital

2025/06/09
Surging Food Prices, Transport Fare Mar Sallah Celebrations
Business

Sallah: Business Owners Lament Low Patronage, Urge Govt’s Action

2025/06/09
Forex Inflow Dip 58.1% To $1.2bn In Official Market
Business

Forex Inflow Rises 62% To $5.96bn In May

2025/06/09
Dangote Refinery’s Completion To Make Naira Stronger
Business

US Provides Third Of Dangote’s Crude Requirement In 2025 Supplies

2025/06/08
Equities To Sustain Positive Sentiment Amidst Audited Earnings Expectations
Business

Consumer Goods Sector Drives NGX Growth With 40.65% Increase

2025/06/08
JUST IN: Nigerian Stocks End 8-Day Gains As Banks Slide
Business

‘Dangote Petrochemicals Listing To Boost Nigeria’s Stock Market’

2025/06/08
Leadership Conference advertisement

LATEST

Stakeholders To Advance Clean Cooking Solutions In Nigeria

5 Listed Firms Raise N108bn Commercial Paper To Boost Working Capital

Sallah: Business Owners Lament Low Patronage, Urge Govt’s Action

Forex Inflow Rises 62% To $5.96bn In May

Japa: The Courage And Cost Of Nigeria’s Great Exodus

Sickle Cell: Experts Push For Gene Therapy As Nigeria Bears Highest Burden Globally

Review Appointment Of Alleged APC Members As REC, SERAP Tells Tinubu

Seven Tips On How To Break Soda Addiction

Jibril Aminu: Exit Of A Rare Breed

Operation Safe Haven Poised To Rid Plateau, Others Of Criminal Elements

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.