F ollowing the drop in Nigeria’s foreign exchange reserves from $30.86 million in April 2017 to $30.32 million in the month of May, stakeholders in the economy have called for support for the Federal Government to boost Foreign Direct Investment.
National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Chief (Mrs.) Alaba Lawson, asked corporate organisations to emulate the Chamber and explore efforts to enhance regional trade relationships by repackaging trade mission towards FDI.
She said this would be in the form of partnership with members and the government in establishing companies and creating demand supply platforms for agricultural products and other mineral resources.
Lawson emphasised the need to increase the Chamber’s advocacy agenda in the country, especially now that the real sector required good policies to operate efficiently.
Meanwhile, the Central Bank of Nigeria’s survey on manufacturing purchasing managers’ index, suffered a decline of $658.767million at the review period.
The PMI Index is a monthly indicator of the economic health of the manufacturing sector .The purpose of the PMI is to provide information about current business conditions to company decision makers, analysts and purchasing managers.
The PMI report released for the month of May showed the index increased from 58.5 as at April to 58.7points. This is an indication that production increased at a fast rate.
