
Forex volatility has left Nigerian manufacturers in constant mathematical calculations to adjust prices and balance their books. The Chairman of the Basic Metals, Iron and Steel Fabricated Metal Sectoral Group of MAN, Kamoru Yusuf, is one of such persons feeling the strain.
During a visit by a military delegation to KAM Holding in Ilorin, Yusuf, speaking through his deputy, explained how the scarcity and fluctuating exchange rates have caused massive financial losses.
Since President Bola Tinubu became President, manufacturers have struggled to make payments for imports already processed into finished goods, as raw materials, which they had bought at lower rates, now cost much more.
Forex, Exchange Rate Losses Mount
He revealed that manufacturers have already sold out all goods made from imported raw materials purchased when the naira held a stronger value.
Now, with the naira’s sharp decline, they struggle to remit payments, which continues to drive massive financial losses.
Tinubu’s Policies Offer Hope
Nevertheless, Yusuf commended the Tinubu administration for introducing policies that aim to stabilise the naira, reduce inflation, and combat currency speculation.
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He expressed confidence that with consistent government backing, the manufacturing sector would recover and contribute more robustly to national growth.
Security Through Economic Empowerment
Meanwhile, the delegation’s visit—centred on the theme ‘Harnessing Grassroots Intelligence for Enhanced Internal Security’—also addressed the link between economic empowerment and national security.
Yusuf stressed that communities often detect threats early, and when they work closely with security agencies, they build trust and improve national safety.
He added that KAM Holding had continued to expand, creating thousands of jobs and helping reduce unemployment, especially among women.
In response, Colonel Usman Hashim Mohammed, who led the delegation, praised KAM Holding’s direct contributions to local security through job creation.
According to him, the College now includes state visits in its curriculum to better understand regional security and economic realities.