The FG promises to enhance its forex sales to manufacturers

 

Fed Govt Pledges Increased Forex Sale To Manufacturers - Economic Confidential

The Federal Government has promised manufacturers of its support, through Minister of Industry, Trade and Investment, Niyi Adebayo, in order for them to obtain high returns on their investments.

The minister gave the affirmation while hosting a delegation from Expand Global Industries Limited. He said that while many manufacturing companies were facing foreign exchange shortages, the federal government was doing everything it could to help them get forex, especially for the importation of machinery for those who used local raw materials in their production.

He stated that the ministry would continue to support manufacturers in removing any detected obstacles in their manufacturing process, particularly in terms of ease of doing business and economic growth.

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In a statement issued on Monday called “Minister assures manufacturers of govt support,” the Special Assistant to the Minister on Media stated as much.

“His government will continue to cooperate with manufacturers to ensure that they were retained in business for the welfare of the investors,” the minister said in the statement.

The Managing Director of the company, Rajat Kapur, had sought the help of the minister to obtain currency or their output, noting out that accessibility to forex would boost their capability for higher production.

Making currency available to manufacturers, he argued, would give investors more faith in continuing to invest in the economy.

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