Our website use cookies to improve and personalize your experience and to display advertisements (if any). Our website may also include cookies from third parties like Google Adsense, Google Analytics, and Youtube. By using the website, you consent to the use of cookies.

Starved of dollars, Nigerian businesses struggle for survival

Starved of dollars, Nigerian businesses struggle for survival

ALEXIS AKWAGYIRAM and CHIJIOKE OHUOCHA AS women in hairnets and anti-coronavirus masks sort through folded nappies coming off a conveyor belt, the head of the Nigerian firm they work for wonders how much longer he can afford to keep them in employment. Around 80% of the materials that go into Lagos-based diaper and sanitary towel manufacturer Wemy's products are imported. To buy them, Paul Odunaiya needs dollars, which he can no longer find. "We're pleading with our suppliers to wait a bit longer so that we can source dollars and pay them," Odunaiya told Reuters. With the price of oil,…
Read More