PAPDAN Advocates Local Telecoms Production for Stability

The Phone and Allied Products Dealers Association of Nigeria (PAPDAN) have asked the government to support the domestic production of mobile devices and telecoms equipment to maintain a stable economy.

In an interview on Friday, Mr. Ifeanyi Akubue, the president of PAPDAN, stated that local production will lessen reliance on imports.

Akubue claimed that to mitigate the impact of its swings, it would also crash the dollar’s demand.

According to him, the previous government started producing mobile devices locally around five years ago, and Nigerians enthusiastically embraced this move since it would lessen their reliance on imports.

He claims that it was never heard of again, which increased demand for the dollar, a significant obstacle for Nigerian companies.

“The dollar fluctuation has made it difficult for us to do business because most of the time we are at a loss.

‘’The rate keeps changing, and it is affecting our profits.

‘’We import goods, and when the dollar rate increases, our costs also increase,” he said.

According to Akubue, local manufacturing was beneficial since it would promote an effective supply chain for companies and generate employment prospects.

Local production, he claimed, would also encourage self-sufficiency and lessen the nation’s susceptibility to outside shocks.

He urged the government to address the dollar swings, emphasising that they were having an impact on the economy overall as well as on enterprises.

According to Akubue, there are plans to lend money to its members to help businesses stay afloat and deal with the difficulties caused by the currency swings.

“We are also discussing with the government to find a solution to the dollar fluctuations,” he said.

NAN