40,000?

How did they arrive at the figure?

…Over 40, 000 Nigerians to lose jobs

The federal government’s drive to create jobs for millions of unemployed Nigerians may suffer a huge set back following the Central Bank of Nigeria’s (CBN) recent directive excluding some essential raw materials from the list of items valid for forex in the Nigerian Foreign Exchange (forex) markets. According to business analysts, this move will in no time lead to the lay-off of over 40, 000 Nigerians who work in the manufacturing sector.

It will be recalled that the CBN recently excluded some essential raw materials from the list of items valid for forex in the forex markets. According to the CBN, the policy is intended to sustain the stability of the foreign exchange market, “resuscitate local manufacturing” and change the structure of the economy.

Reacting on the looming danger as a result of the policy, president, Lagos Chamber of Commerce and Industry (LCCI), Alhaji Remi Bello, said most manufacturers might be forced to shut down and move their operations to neighbouring countries for business activities due to their inability to access foreign exchange for raw materials and other critical inputs. This, he believes, would lead to massive job loss in the manufacturing sector.

“There is pressure on manufacturers to lay off their workforce before the end of the year. Most manufacturers affected have been unable to produce lately due to lack of foreign exchange, delays in the processing of Form ‘M’ to import raw materials in order to meet demands and this has adversely led to loss of market share.

With this continuing, massive job loss is anticipated in no time from now,” he said.

For example, the manufacturing sector using Crude Palm oil as raw material in their daily production of goods like biscuits, noodles, cosmetics among others will be affected as the locally produced and supplied raw material cannot meet the required demand for production.

According to IndexMundi, a data portal, the domestic palm oil produced totalled 930,000 MT in 2014, while the consumption of palm oil in Nigeria amounts to 2.0 million MT per annum in exclusion of the manufacturing sector.

The official figures states that the shortage in oil palm industry is estimated to be around 1.07 million MT annually. This poses a very precarious situation for the manufacturing sector that depends largely on CPO as a major source of raw material. If this shortage is not filled with importation of high quality food grade palm oil, the economy will lose further investment in the manufacturing sector as companies would shut down and staff laid-off.

Among the 41 items marked as ‘Not Fit for Forex’ also include: rice, cement, margarine, meat and processed meat products, vegetables and processed vegetable products, Poultry chicken, eggs, turkey, Private airplanes/jets, Indian incense, Tinned fish in sauce(Geisha)/sardines, Cold rolled steel sheets, Galvanized steel sheets, Roofing sheets, Wheelbarrows, Head pans, Metal boxes among others.

The resultant effect of this is an outrageous increase in the cost of these items locally for consumers and ultimately inflation, which is largely due to inability to access foreign exchange.

The LCCI president further lamented that, for an economy that is largely driven by the private investors, the government should source for alternative means rather than resorting to a total exclusion of certain items from the foreign exchange market.He however urged the FG to prevail on the CBN to review the policy in the interest of the workforce, the private sector and the economy at large.

http://www.vanguardngr.com/2015/10/cbn-policy-massive-job-cuts-looms-in-manufacturing-sector/ lalasticlala, dominique

Is this part of the changes the ruling party is saying.

We've entered one chance

O ga o

Today is my birthday. Just say a little prayer for me. Thanks

The President Body Language would replace d 40,000 with 80,000 in 2016,Sai Baba!

Chai God help us o

everyday, one bad news or the other

Adesiji77:
40,000?

How did they arrive at the figure?

You dey mind them?

All I know is that whatever may be the situation, me and my own shall be the last man standing

Its a sorry case, 40000 Yet Cbn TSA would soon lay off most decks officers in banks. Didn't they promise employment?

Omo, time to enter Gun sales business as many people go soon enter armed robbery work to survive and them go need gun.

Oh

Buhari ooooo. Chai. naija go hear am.

Business opportunities. Thank you Buhari

This is serious

The rate this government mistibuishi is averaging a low capital impetus even mourinho and fat joe will be surprised to hear the earthquake magnitude.
This is unacceptable , and should not make any market operate with 6 bottles of orijin that makes people lose weight.
Darm...

we dey talk serious matter, some people dey talk birthday. Na waaooo

Baba Bubu's Body Language would rectify it by appointing Babaginda and Shohekan as CBN Governor..

really unimpressive wit d jobs promised

Its no surprise. Job losses are occurring everywhere in the world due to the low oil prices.

This time it isn't buhari's fault.

Which way ?

oh no

BUHARI IS A SCAM..


QUOTE ME ANYWHERE

Hmmmm.

Did he promised to create 3 million jobs per year or discard 3 million job holders per year? . Once chance... people voted for change but they have been short changed.

iyke926:
Today is my birthday. Just say a little prayer for me. Thanks

Happy birthday brother. May all be well with you; may you fulfil God's purpose for your life. And may you have wealth in all areas of your life. Amen!

I don port go FIVERR since.


Abeg anyone get idea of how to start pop corn business. Am not buying ebooks o. Just help a bro

Proudly wailer, proudly 5%.

I just de pass oo cum c say e don hit front page then i decided to stop by and say HI

nawa oh oga buhari pls do something

Pls what did they say

Someone prophesied that Buhari will be stoned if he bleeps up. Wharisdis?