Manufacturers look to local inputs to ease FX pressure

Nigerian manufacturers are increasingly embracing local raw materials to reduce their exposure to the foreign exchange. Nigeria has seen its worst foreign exchange crisis in the last nine years on the back of an extremely high dollar demand and a relatively lower supply. The nation’s manufacturers have been on the receiving end as they import some of their raw materials from hot-rolled steel to chemical gums. The naira has weakened by over 70 percent after the foreign exchange float in 2023, but this has even driven manufacturers to se