By Nse Anthony-Uko
(Sundiata Post) – Following the recent policy of the federal government on ban on importation of tomato paste, the president/CEO of Erisco Foods Limited, Chief Eric Umeofia said this has helped in improving local production sales by 20 per cent.
Umeofia who made this known yesterday at a press briefing organised by the company, in Lagos commended President Muhammadu Buhari for his strong support to indigenous manufacturers with a view to industrialising Nigeria in line with determination to patronise Nigeria made products.
According to him, worthy of mention is the ban on all brands of tomato paste in retail packs into Nigeria including the poisonous and substandard products to. Umeofia however drew the attention of the president to the manipulation and frustrations going on in the economy to the disadvantage of indigenous manufacturers by the Central Bank of Nigeria (CBN) and some other MDS’s that needs to be addressed.
He lamented that the Company is finding it difficult to secure more loans to expand its operations and service its loans as the company has lost huge amounts of its capital due largely to anti indigenous policy of the CBN despite the ban on importation of tomato paste in retail packs. He noted that no country develops with the kind of policy of CBN as it has the capacity of destroying all that the government is working in industrialising the country.
He noted further that the progress reported in the economy is a tip of where the Country should be a nation if the CBN extends 20 per cent of the support the Central Bank of Angola and UAE among others country give to their indigenous manufacturers. He pointed out that the present forex allocation mechanism has been too expensive and costly to all genuine indigenous manufacturers.
He called for equal support or treatment to indigenous companies for the benefit of the country. He added that Nigeria coming out of economic recession was based on strong determination, incorruptible nature and economic policy of the government, saying that CBN is not using the golden opportunity to support indigenous manufacturers to build more industries to enable the country to process and manufacture its our goods and products to meet various needs and for export.
Umeofia noted that “We do not see any reason why we are still exporting cocoa, yam, cashew nut and others in its raw form instead of giving task to indigenous manufacturers with target to process and manufacture most of these food items and export them to earn more forex to replace oil money.”
He called on federal government to ban importation of all processed food items for better health and economy, and support the existing indigenous manufacturers with new credit lines at low interest rate and also forex on the spot to overcome the damage the recession and inconsistent CBN policy, adding that “Only then will we notice the influx of genuine foreign investors who will and invest in the economy.”