Forex: Erisco Foods may sack workers, exit Nigeria


Erisco Foods, a local manufacturing firm set to lay off 1,500 employees

Erisco foods


Erisco Foods, a local manufacturing firm has said it may be forced to shut down its production in the country due to its inability to access foreign exchange from the Central Bank of Nigeria for the procurement of machinery.


Mr. Eric Umeofia, the Chief Executive of the company said it would lay off 1,500 employees and quit Nigeria for a more favourable business environment if things don’t change.

He said this in Lagos on Wednesday when some of the company’s workers held a protest, lamenting plans by the company to halt operations and lay off workers.

Umeofia said,

“It is difficult for indigenous manufacturers to access forex despite CBN’s promise to manufacturers that they will allocate 60 per cent of foreign exchange to them.

“It is unbelievable that for over two months, no forex has been allocated to Erisco Foods whereas the same forex is allocated daily for the importation of finished goods.


“Products that can be easily produced locally like fish head, tomato paste, razor blade are on the forex bids of the various banks.”

“The prices of our products are high due to high cost of production and this is in addition that we currently generate our own power.

“We have lost over N3.5bn in our bid to industrialise Nigerian economy and (are) ready to move our production section to another country.”


Among others!


Pray for Erisco! #lol

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