President Muhammadu Buhari has 30 days to make a difference or another company exits Popular manufacturing company, Erisco Foods Limited has threatened to relocate to another country if the President Muhammadu Buhari-led administration does not put in place measures to help companies in Nigeria in 30 days.
According to Daily Trust, this threat and ultimatum were issued by president and chief executive officer of the company Eric Umeofia who also said the relocation of the firm’s production base would lead to sacking of 1500 of its 2050 workforce.
Speaking during a press conference in Lagos, Umeofia lambasted government parastatals and agencies like the Central Bank of Nigeria, federal ministry of industry, trade and investment and the National Agency for Food Drug Administration and Control for not doing their jobs well in this recession.
He accused the CBN of refusing to allocate foreign exchange to local manufacturers while favouring foreign companies. This development follows protests by factory workers in the company who called on federal government to help local manufacturers. Erisco is the biggest tomato paste manufacturer in Africa and 4th largest in the world.
Meanwhile, Akinwunmi Adeshina, a former agriculture minister to ex-president Goodluck Jonathan, has revealed that he is greatly concerned about the survival of Nigeria’s economy under President Muhammadu Buhari. He is now on a mission to help the country survive.
Adeshina, who is currently the president of the African Development Bank (AfDB), expressed his determination to do everything within his power to help Nigeria get out of the economic recession it is presently in.