Erisco Faults CBN on Poor Allocation of FOREX to Local Manufacturers, Accuses NAFDAC of Economic Jeopardy

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From left: Executive Director, Erisco Foods Limited, Nnamdi Umeofia; President/Chief Executive Officer, Chief Eric Umeofia, Executive Director of the Company, Emeka Umeofia and the General Manager/Administration Manager, Tokunbo Agbede, during the company press conference on the state of the nation, held at the company premises at Alausa, Ikeja in Lagos. October 4, 2017.
From left: Executive Director, Erisco Foods Limited, Nnamdi Umeofia; President/Chief Executive Officer, Chief Eric Umeofia, Executive Director of the Company, Emeka Umeofia and the General Manager/Administration Manager, Tokunbo Agbede, during the company press conference on the state of the nation, held at the company premises at Alausa, Ikeja in Lagos. October 4, 2017.

Nahimah Ajikanle Nurudeen

Erisco Foods Limited has accused the Central Bank of Nigeria (CBN) and the National Agency for Food and Drug Administration and Control (NAFDAC) of jeopardizing the Federal Government’s efforts on economic revitalization through protection of genuine local manufacturers.

This according to the President/Chief Executive Officer of Erisco, Chief Eric Umeofia at a press conference in Lagos today could be attributed to the apex banks low allocation of foreign exchange to indigenous manufacturers.

According to him, poor CBN forex policy is crippling Erisco’s operations.

He lamented a situation whereby foreign firms are give priority over local companies that are adding value to the economy.

He accused CBN of working against the Federal Government in revitalizing the economy through truncation of local manufacturers efforts.

He said Erisco lost $460,000 deposited for tomato concentrate as it major raw material before ban on importation due to non allocation of foreign exchange.

Umeofia alleged CBN of approving the same raw material to foreigners with provision of Forex.

Erisco boss also stated that his firm has been projected in the bad light to its creditor as the company couldn’t meet up &20million credit supplies due to non availability of foreign exchange.
He said, “The fact that CBN refused to give us enough FOREX allocation for importation of raw materials and machineries is the reason our factory is running below 20% of its installed capacity since inception.”

The FOREX allocation mechanism has been too expensive and costly for all genuine indigenous manufacturers.”

He said despite the ban on tomato pastes, NAFDAC still issue import permit to importers to bring in finished tomatoes into the country.

Umeofia called for investigation on NAFDAC to see how the agency has been working against national interest.

He said, “Our interest is to help Nigeria be among the best countries to live happily in the world in terms of creating employment via Agriculture and manufacturing as the only option.”

 

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