N483/N485 (updated 9.12.16:morn)
buying/selling naira exchange rates per USD
Wednesday, 2 November 2016

The management of Erisco Foods, Limited are quickly tuning up the process of relocation of its activities to the People's Republic of China.
The company's founder and president Eric Umeofia lamenting in a press conference on Tuesday 1 November 2016, said:
"It is saddening and painful that we have started the process of relocating our factory out of the country, thereby forcing us against our wish to create jobs in foreign lands due to the evil and wicked desires of unpatriotic Nigerians who frustrate every effort we have made to create jobs in the country and earn foreign exchange

"As from today, November 1, 2016 we have commenced the winding down of our tomato manufacturing business in Nigeria and it’s a decision that we have taken as the 30 days ultimatum has expired without our terms being met.

"We are moving the factory to China from where we will manufacture and bring back to Nigeria while also selling to other over seas clients.

"It pays us that way as a business because in recent months, our continuous operation in Nigeria has resulted in a loss of over N3.6billion investments.

"Because of the huge machines we have to move out, winding down will last us about nine months as we plan to first exhaust the existing raw materials we have before moving our equipment out to China.

"It’s unfortunate that out of a workforce of about 2,000 Nigerians that we have, we will be dis-engaging about 1,500 of these workers as we need just about 40 staff to keep the Nigerian company running since what we will now be doing is just restricted to marketing and sales of imported products from our China plant. My business has been deliberately frustrated by the way the CBN has managed forex bidding and allocation.

"They won’t give us forex to import machinery, machine spare parts and raw materials for processing Nigerian fresh tomatoes into paste in our Lagos factory and they won’t give us approval to use our own money (about $460,000) generated from our foreign operations to import our raw materials. They won’t also check dumping because of the powerful nature of the import cabals.

"This decision is therefore final and there is no going back on it; nothing will make us to come back even in the future because we have found out that we can import tomato paste into Nigeria and still make huge profits."
 
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