The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has blamed the continuous depreciation of the naira on the low local production capacity of the country.
The chamber made this disclosure in a statement issued by its President, Mr. Odeiga Jideonwo, and made available to newsmen in Enugu on Monday.
According to Jideonwo, the chamber has been closely monitoring events surrounding Nigeria’s economy in recent times.
“The high level of importation of finished goods remains the major reason for the continuous decline of the Naira, especially when we continue to import products that can be sourced or produced locally.
“Our recent study of China reveals that the economic growth being experienced in China presently is a result of a strict policy by the government to support locally based or indigenous companies to produce for 100 percent local consumption as well as for export.
“With…
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