Local input sourcing rises 17% on forex crunch

Foreign exchange scarcity pushed Nigerian manufacturers into sourcing more raw materials locally, raising domestic input sourcing by 17 percent in 10 years, according to BusinessDay analysis of documents obtained from the Manufacturers Association of Nigeria (MAN) since 2014. In the first half (H1) of 2014, Nigerian manufacturers sourced only 47.6 percent of their raw materials locally. This was a period when Nigeria enjoyed high petrodollar inflows, with no one expecting that things would get worse in a matter of months. In the second ha