… moves to avert job losses

President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to prioritise foreign exchange allocation to manufacturers in order to forestall job losses.

Chris Ngige, minister of labour and employment, gave the charge during an interactive session with National Executive of National Union of Food, Beverages and Tobacco Employee (NUFBTE) in Abuja.

Ngige at the meeting also reiterated Federal Government’s unwavering commitment towards ensuring that industries remain operational, despite the lingering socio-economic challenges

“The Federal Government has directed the Central Bank of Nigeria to ensure that the backlog of applications for items needed to make industries remain operational are accorded priority in foreign exchange allocation to forestall job losses,” Ngige said.

The minister also tasked the organized labour unions to support the efforts of President Buhari led administration at reducing the country’s overdependence on imported goods and raw materials which are inimical to the nation’s foreign reserve.

In addition, the Minister lauded NUFBTE for not only focusing on workers’ welfare but also diversifying into job creation ventures, hence complementing the efforts of the Federal Government in stemming youth unemployment.

“I wish to ask your union to do more than you have been doing by assisting the Federal Government proffer solution to the excessive reliance on imported goods and raw materials.

“We want you to put on your thinking cap and devise ways and means of lessening reliance on importation by sourcing your raw materials locally to preserve our foreign exchange,” Ngige urged.

Speaking earlier, Lateef Oyelekan, NUFBTE president, applauded the minister’s intervention and pro-activeness at nipping in the bud, industrial issues that could snowball into crisis.

He further appealed to the Federal Government to help beverage companies address the challenges they face in accessing foreign exchange for the importation of raw materials.

shamack:
God help our leaders n lead them to the right part,,,,,you kept them in that position for a reason,,,,please lead them to the promise land,,,,,,i will never be a bad belle

agarawu23:
We know the way......u sale to manufacturers at official rate and later share the black market rate together.

free2ryhme:
This is how govt shld be thinking

bejeria101:
So the stupid policy was to achieve what exactly? What u have destroyed you want to salvage,airhead last cowbender.

sarrki:
Baba we the progressives knows you love this country

Only enemies of state think otherwise

God bless you sire

God bless Muhammadu Buhari [/s]

God bless federal republic of Nigeria

sarrki:


[s]Patriotic citizen you are

God bless you

God bless muhammadu Buhari
[/s]
God bless federal republic of Nigeria

bettercreature:
Common man will pay for it,without allocating dollar to importers Nigeria will never get out of recession and inflation will keep rising
Even america,china or india dare not say they won't allocate dollars to importers let alone a country where electricity is ZERO,this government is just clueless

FunkyMetahuman:
So why the inflation on made in Nigerian goods?

This man sometimes thinks we are ediot.

sarrki:
Baba we the progressives knows you love this country

Only enemies of state think otherwise

God bless you sire

God bless Muhammadu Buhari

God bless federal republic of Nigeria

chibuzorAbia:


Caused by heartless greedy fellow Nigerians. The govt cannot send soldiers to the market to control prices!

IVORY2009:
we hope so, action speaks louder than words, president pls do the needful as that sector is suffering, no forex to order/buy raw materials.

XXLDICK:
Fucking devalue the currency.


How can a country have many exchange rates

Creating loopholes for people to make crazy money.

Devalue the currency and create equal playing field for everybody.

You know nothing about economics, but you won't listen to those that know.

When I receive dollars, I'm forced to exchange it for 350 or thereabouts. But when I need dollars, it far over N400/1$