Forex Crisis: Importers Resort To Groupage For Survival

Some importers have resorted to groupage for survival in view of increasing exchange rate, the News Agency of Nigeria (NAN) reports.

The importers at Balogun wing of the Lagos International Trade Fair Complex, spoke on this in separate interviews with NAN on Monday in Lagos..

A cosmetics dealer, Mr Chidi Okeke, said that it had become difficult for an individual to bear the cost of shipping cargoes to Nigeria.

“The foreign exchange restriction is also affecting commerce and our income. Many of us just come into the market to sit and no transaction is taking place,” Okeke said.

A Freight Forwarder and Business Support Consultant, Mr Gab Nwankere, told NAN that with the foreign exchange rate and import restriction, traders had to devise other means of survival.

Nwankere said that business support consultants had created new avenues for traders to cope with the situation.

“We informed the traders about the window in an interactive session in November and today they are reaping the fruits,” he said.

According to him, my organisation links traders in the market with others willing to combine in shipping goods from China and other countries.

Mrs Grace Nwaoha, who sells toiletries, said that there were five traders that imported a 40 ft. container full of different items.