I didn’t get FX from CBN Since 2020 – Erisco CEO

The President/CEO of Erisco Foods Limited, Chief Eric Umeofia, has revealed that his firm has not been able to access foreign exchange from the Central Bank of Nigeria (CBN) since 2020.

Umeofia also expressed dissatisfaction over the decline in the country’s economic activities and said the manufacturers were feeling the pinch of forex scarcity.

He spoke at the firm’s headquarters in Lagos during the presentation of N1m to a Nigerian student, Ifeoma Amuche, who emerged as one of the best-graduating students of Southwest University in China.

He urged the federal government to improve the productivity of manufacturers in the country in a bid to revive the economy.

“For three years, I have never gotten foreign exchange, even one dollar from the Central Bank. For five years, no loan even from the Central Bank, how do you tie someone and expect him to jump? So the right people must be given the right money.

“If there is no money, we agree but use the money for manufacturers, not for importers. In fact, the system in Nigeria today encourages importation and discourages manufacturers,” he said.

The president applauded Miss Amuche for her sterling performance, noting the firm’s gesture was to recognise her effort and express love for her ingenuity.

“She has proven to be intelligent and made us proud within our territory,” he added.

The recipient, who joined virtually, appreciated the firm for rewarding her academic feat in China while her stepbrother Nwafor Onyekachi received the cheque on her behalf.