Abuja – Small business owners in the FCT have called on the Federal Government to urgently address the issue of foreign exchange value now affecting the importation of raw materials for manufacturing of shoes and bags.
The small business owners, who spoke to the News Agency of Nigeria (NAN) in Abuja, said due to insufficient supply of FOREX, the price of shoes and bags had gone up.
Mr Kennedy Obilor, producer of foot wears, said Nigeria had suffered a shocking downturn due to insufficient FOREX because of sharp decline in the global oil price.
He called on the government to encourage establishment of factories that would produce raw materials for small business owners instead of importing them.
Obilor said when such goods were produced in the country, their prices would be affordable.
“The prices of shoes and bags have gone up because by the time you change N31,800 for 100 dollars one will not be able to produce more shoes or bags.
“We look forward to an improved economy and a more vibrant FOREX market this year,’’ he said.
Another producer, Mr Charles Leonard, said the major challenge faced by small and medium enterprises operators was the lack of finance to expand and employ more youths.
“Lack of finance has been our major problem of establishing and running small and medium enterprises as other problems are minor,’’ Charles said.
He called on the agencies handling small and medium enterprises to ensure that intervention funds were accessible.
Also, Mr Okechukwu Osinachi advised government to reactivate the leather factory in Jos.
Osinachi said the factory would boost the production of shoes and bags in the country.
“The country can produce most of the raw materials we travel abroad to purchase which will make the finished product cheaper for Nigerians,’’ he said. (NAN)