Chief Executive Officer of Winco Foam Nigeria Limited, Dr Godwin Okafor, has lamented the increasing hardships manufacturers face in accessing foreign exchange in Nigeria.
Dr Okafor stated this at the weekend when he took some journalists on a facility tour of his factory site in Awka, Anambra State capital.
According to him, the manufacturing companies are bleeding and finding it difficult to source foreign exchange to buy raw materials.
He said if something is not done urgently to cushion the hardship, many companies will close down, while most foreign companies will have no option but to relocate to other countries.
- Afenifere raises alarm over rising kidnappings in South West
- Rethinking ASUU’s approach in the government tug of war
He also stated that Winco Foam Nigeria Limited imports raw materials from China to support the little sourced locally in Nigeria.
He disclosed that the company produces over 1,000 metric tons of foam every year, noting that they try to ensure that there are enough raw materials at all times.
He also urged President Bola Ahmed Tinubu to properly manage the nation’s economy as he did when he was governor of Lagos State.
