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Nigeria’s Dollar Shortage Pushes Manufacturers to the Brink

  • Businesses struggling to source raw materials from abroad
  • Forex shortage leaves investors unable to repatriate funds
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Nigerian manufacturers are struggling to stay in business because a foreign-exchange shortage spawned by the collapse in oil prices means they can’t import raw materials.

The industry’s difficulties are the latest signs of strain in Nigeria’s foreign-exchange regime. The central bank was forced to devalue the naira in March as income from crude sales that generate 90% of the West African nation’s export earnings dried up. Foreign investors looking to repatriate their funds have been asked to be patient.