The Nigerian units of Bharti Airtel Ltd. and Nestle SA said shortages of foreign exchange in the West African nation are hindering their operations and ability to import equipment.

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“It continues to be a major challenge,” Dharnesh Gordhon, chief executive officer of Nestle Nigeria Plc, said at an event organized by the Nigerian Stock Exchange and Bloomberg in Lagos on Wednesday. Imports of machine parts, spare parts and some packaging have become more expensive, and even local suppliers are putting up their prices to compensate for a weakening naira, he said.

Businesses have suffered from a shortage of hard currency in the country for the last two years as oil prices and foreign investment have crashed. Manufacturers say they need a steady supply of foreign exchange to pay for imports as they struggle to buy many raw materials and parts locally. An almost 40 percent devaluation of the naira against the dollar since June hasn’t yet led to many new inflows.