Nigerian manufacturers support CBN’s FOREX restrictions

A group of manufacturers in Ogun State have thrown their weight behind the Central Bank of Nigeria, CBN’s restrictions on foreign exchange dealings.

The manufacturers stated this on Thursday at a press conference held at the Obasanjo Farm in Ota town of Ogun State.

The deputy managing director of Tempo Paper Pulp and Packaging Limited, Nassos Sidirofagis, said with the new foreign exchange policy, demand for their products had increased.

He noted that the CBN policy had helped local companies tremendously, saying it was a policy they had been waiting for.

Mr. Sidirofagis said with the new policy, the local companies’ production capacity had increased from 50 to 70 percent.

He pointed out that sourcing for materials locally for production was a good decision taken by the federal government.

The manager said further that companies had also been expanding in businesses.

“We have since developed capacity to also attract foreign investors, who we believe are exploring investment opportunities in our organisation. Therefore, on all sides, this is a win-win situation for Nigeria and local manufacturers.

“CBN policy helps us tremendously. It’s something we have been waiting for.

“Customers now buy Nigerian products. The policy has increased our capacity from 50% to 70%. We have more markets for our products now.

“I can say we can smile, because CBN policy has shown that we can expand. There are plans to expand our companies. I hope the policy stays long,” Mr. Sidirofagis said.

Another manufacturer, Oluwaseun Taiwo-Tijani, said the policy was a blessing to the manufacturing companies, expressing delight that the demands for local products had tremendously increased.

Mr. Taiwo-Tijani, who is the group managing director of Polymer Packaging and Sren Chemicals Limited, said “what we made in six months before, we now make it in one month”.

While further supporting the use of local materials for production, he pointed out that it was ridiculous that Nigeria is still importing nylons in the 21st century.

He however appealed to government to address the challenges facing the manufacturers, especially high interest rates, which he urged the CBN to reduce.