Related Keywords: cotton, Forex, in foreign exchange, LCCI, MAN, market price, materials harvested, NTMA, payment demanded, produced domestically, raw material for production, sold at prevailing international market prices, textile manufacturer, Textile raw materials in Nigeria
Textile raw materials in Nigeria are being sold at prevailing international market prices and payment being demanded in foreign exchange even as the materials are being harvested and produced domestically.
The Federal Government’s efforts at diversifying the economy and reducing dependence on importation are being undermined by value-chain operators, farmers and providers of key raw materials who would rather export raw commodities for foreign exchange than sell to local producers at market prices.
