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ProfRem
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The Chief Executive Officer, Erisco Foods, Chief Eric Umeofia, has decried the Central Bank of Nigeria’s foreign exchange policies, saying they were stifling local manufacturers’ operations and growth.
The company had in October 5th given the President Muhamamdu Buhari-led Federal Government 30 days to do the right thing by giving the requisite support to indigenous manufacturers or else it would relocate its production base to another country.
Umeofia told newsmen on Tuesday that the company has planned relocation to China
He said the planned downsizing and plant relocation should be completed in six months to nine months.
Umeofia said that the relocation of production plant to China would increase unemployment, tomato waste and the food import bill of the country.
Erisco Foods is an indigenous tomato paste manufacturing company that employs thousands of Nigerians.
Recommended: Erisco to Start Sacking Thousands of Nigerians in Batches
The company had in October 5th given the President Muhamamdu Buhari-led Federal Government 30 days to do the right thing by giving the requisite support to indigenous manufacturers or else it would relocate its production base to another country.
Umeofia told newsmen on Tuesday that the company has planned relocation to China
He said the planned downsizing and plant relocation should be completed in six months to nine months.
Umeofia said that the relocation of production plant to China would increase unemployment, tomato waste and the food import bill of the country.
Erisco Foods is an indigenous tomato paste manufacturing company that employs thousands of Nigerians.
Recommended: Erisco to Start Sacking Thousands of Nigerians in Batches