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LequteMan
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Tomato paste manufacturing firm, Erisco Foods, has threatened to start sacking Nigerians in batches of 1,500 if the forex situation doesn't improve.
Erisco CEO, Eric Umeofia, on Tuesday condemned the Central Bank of Nigeria, CBN’s foreign exchange policies, saying they were stifling local manufacturers’ operations and growth.
“Our reason for investing in the country is not only for money but also to help our people and our country to achieve her vision in line with government’s agenda to diversify the economy.
“In our effort to support the government, we developed a technology that enabled us to produce tomato paste with fresh and dry tomatoes.
“We have spent over N4 billion to buy dry tomatoes and fresh tomatoes that ought to have wasted as usual from our local farmers, but it is just lying in our warehouses for lack of Forex approval.
“The Forex is to get enough machines sufficient for our capacity to convert them into quality raw materials for the production of tomato paste and to meet up with our packaging lines, to reduce our production cost.
“In view of the above, we will start to lay off about 1,500 of our staff in batches and start moving our machines and equipment out of the country,” the manufacturer said.
NAN
Erisco CEO, Eric Umeofia, on Tuesday condemned the Central Bank of Nigeria, CBN’s foreign exchange policies, saying they were stifling local manufacturers’ operations and growth.
“Our reason for investing in the country is not only for money but also to help our people and our country to achieve her vision in line with government’s agenda to diversify the economy.
“In our effort to support the government, we developed a technology that enabled us to produce tomato paste with fresh and dry tomatoes.
“We have spent over N4 billion to buy dry tomatoes and fresh tomatoes that ought to have wasted as usual from our local farmers, but it is just lying in our warehouses for lack of Forex approval.
“The Forex is to get enough machines sufficient for our capacity to convert them into quality raw materials for the production of tomato paste and to meet up with our packaging lines, to reduce our production cost.
“In view of the above, we will start to lay off about 1,500 of our staff in batches and start moving our machines and equipment out of the country,” the manufacturer said.
NAN
