Stakeholders in the value chain of Gypsum Plaster Products in Nigeria, popularly known as “Plaster of Paris (POP) and other building materials have criticized government on what it terms lack of sound economic policies, while seeking relief from the Central Bank of Nigeria (CBN) on its foreign exchange policies.

The traders while deliberating on the effect of the recent government stance on foreign exchange and devaluation of the country’s currency at a forum in Lagos, said such policies are inimical to economic growth.

In his words, Chairman, Tormek Global Services Limited, Ifeanyi Udeogu said the recent government policy on forex is not only affecting importation but also everybody that has something to do with the economy, adding, “we are hoping that the information we are getting from the government is true; we are hearing that the government is working on it to ease the burden of importation which we are hoping will make businesses to get back on its track because, presently, it is getting difficult and we are losing the trust of our suppliers.

“The worst part of it is when you have legitimate obligation like bill for collection and a supplier gives you 90 days to make payment and you are not able to meet that obligation because of unavailability of forex. Though, we try allaying our suppliers’ fears that the problem is just temporary and we are hoping that the market will improve.

On why most of the products are not produced in Nigeria, he said: “producing locally should be the next option but the state of power supply in the country still poses a serious problem but I believe that if the government invests in the manufacturing of gypsum in Nigeria because we have the market; it’s a long term investment which construction companies can partner with us for its production and the suppliers are ready to make investment once they have the assurances of the government that their investment will bring in returns.