Muda
Yusuf, director-general, Lagos Chamber of Commerce and Industry (LCCI), said that naira depreciation will increase the cost of production for
Nigerian manufacturers who rely heavily on imported raw materials.
According
to Yusuf, the increased cost of raw materials will translate into increased
cost of production, as well as lower profitability and sales.
“Even
when you, as a manufacturer, increase your price as a consequence of a hike in
your cost of production, the purchasing power is not there. That is just the
point here,” Yusuf said.
“In
other words, you find out that the manufacturer or businessman’s cost,
profitability and sales are affected negatively. In fact, it will be negative
on both the monetary and fiscal sides. This will be
