• Thursday, June 20, 2024
businessday logo


Minister assures manufacturers of FG’s support

Minister assures manufacturers of FG’s support

Nigeria’s minister of industry, trade, and investment, Adeniyi Adebayo, on Monday assured manufacturers of the Federal Government’s resolve to improve the country’s business environment.

Adebayo gave the assurance when a delegation from Expand Global Industries Ltd., a manufacturing company, visited him in Abuja.

He acknowledged the challenge of the shortage of foreign exchange faced by manufacturers in the country but assured that the government was doing everything to assist them access foreign exchange, particularly for the importation of machines for their production.

Read also: How FG’s tax on carbonated drinks will affect manufacturers, consumers & economy

The minister said that his ministry was also working to eliminate bottlenecks hindering the production process, especially with regard to the ease of doing business.

The managing director of the company, Rajat Kapur, sought the assistance of the minister in accessing foreign exchange.

Kapur believed that access to foreign exchange would increase the company’s production capacity. He also noted that manufacturers’ access to foreign exchange would increase investors’ confidence.

He said the company, which started operations in Nigeria in 2016, had grown to become the second-largest producer of detergents in the country as of 2019.