‘By the end of this month, ten manufacturing businesses will close shop according to Manufacturers’ Association of Nigeria (MAN), while over 50,000 jobs have already being lost in Abuja, according to Chair of Abuja Chamber of Commerce (Punch, 24/02/2016), all due to inability to access forex for raw materials and business activities. In fact, in December 2015 when dollar sold for less than N260 at parallel market, non-oil export fell by 25% month-on-month and 75% year-on-year, mostly driven by fall in food and mineral export (ProShare, 16/02/2016). By the end of this quarter, there are expected mass layoffs across boards.
The current economic crisis exemplified by the revenue fall and foreign exchange crisis, is a product of many years of neo-liberal and anti-developmental policies administered by agents of global finance capital, and massive looting of the nation’s wealth at all levels of governance and by all ruling parties.’
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