By; PETER NOSAKHARE, Kaduna
Industrialist and Chief Executive Officer, Erisco Foods Ltd, Chief Eric Umeofia, has continued his call for support for locally manufactured goods in the country saying that the biggest challenge being faced by indigenous manufacturing organisations is lack of support and patronage from Ministries, Departments and Agencies (MDAs).
Speaking at the company’s Product Unveiling and Distributors Reward event at Sheraton Hotel, Lagos, Umeofia said that if Nigeria Customs Service, NAFDAC and CBN implement their duties judiciously, Nigeria’s economy would improve within six months.
“The biggest challenge Erisco Foods face as an indigenous manufacturing organisation is lack of support and patronage from MDAs and some Nigerians alike, who prefer anything foreign.”
He added that the company was yet to utilise 15 per cent of its 450,000 Metric Tonnes per annum processing capacity due to the lack of patronage from ministries, departments and agencies (MDAs) and frustration in obtaining foreign exchange from financial institutions.
He added that to exit the current economic uncertainty the public must desist from patronising imported goods.
Umeofia noted that patronage of imported goods at a detriment to locally produced goods was economic sabotage.
“If we can get the needed patronage and support from MDAs, our production capacity will increase and Nigerians and the Nigerian economy will be the utmost beneficiary.”
Chief Eric Umeofia also appealed to the Central Bank of Nigeria (CBN) to unify the country’s exchange rate to aid economic stability and recovery.
He noted that the multiple foreign exchange rates had caused economic disruptions, “If the country wants to rid itself of unstable foreign exchange rates, we should remove different exchange rates, the parallel market is about 770 Naira while the official rate is around 440 Naira.