Nigeria May Review Foreign Exchange Policy – Prof. Yemi Osinbajo

The Nigerian government has announced that it is in the process of reviewing the recent foreign exchange policy, which banned 41 items from sourcing foreign exchange from the interbank forex market. According to THISDAY, President Muhammadu Buhari, who was represented by Vice President Yemi Osinbajo, at the 43rd Annual General Meeting (AGM) of the Manufacturers’ Association of Nigeria (MAN) in Lagos, explained that the policy was introduced to boost local production and protect the nation’s manufacturing sector. “We are going to have negotiations with the operators of the manufacturing sector to seek ways on how foreign exchange control can be eased to enable the items that are not eligible for foreign exchange to be covered,” he said. “We have already carried out a survey of some transmission assets in the country and we believe that when these assets are completed, Nigeria will experience increased power supply. We are discussing extensively on power supply on a daily basis because we believe that the manufacturing sector is critical for economic growth and job and wealth creation,” he said.

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This article was first published on 9th October 2015

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