Unless the Federal Government intervenes, many workers in the cable
manufacturing industry will soon lose their job, a situation that is compounded
by the influx of substandard products into the country.
President of Cable Manufacturers Association of
Nigeria (CAMAN) and Chief Executive Officer of Cutix Plc, Nnewi, Anambra State,
Mr. Ifeanyi Uzodike, revealed this yesterday in an interactive session with
journalists. He described as worrisome a situation where the cable
manufacturers cannot purchase major raw materials for their production as a
result of difficulty in accessing foreign exchange due to the new policy of
Central Bank of Nigeria (CBN).“The new policy of CBN on foreign exchange is affecting our business. We cannot source our major raw materials like copper rod and aluminium rod locally and it is unfortunate that we cannot easily access foreign exchange to import them, and even where we are lucky to get, it takes as long as one month. “The summary of it is that if nothing is done urgently, most of us will cut our staff strength and production capacity by over 50 per cent. This industry deals with power and power is vital to all sectors. You need power to drive the economy especially in this era of dwindling oil revenue,” Uzodike said.
-Sun News
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