Chinese steel investor seeks CBN forex assistance to import equipment

The management of Youngxing Steel Company located in Edo State has called on the authorities of the Central Bank of Nigeria (CBN) to assist it with Foreign Exchange (FOREX) for the importation of equipment.

BusinessDay reports that the managing director of the Chinese firm, Zheng Changsheng, made the disclosure when the State Governor, Adams Oshiomhole undertook an inspection of the Company’s foundry at Ogua Community in the state capital.

Changsheng also appealed to the Federal Government to prevail on the Benin Electricity Company (BEDC) to reduce the existing tariff on electricity.

“We wish to request assistance of Edo State Government to help the company link with CBN for the foreign exchange for our importation of equipment. And help appeal to the Federal Government to prevail on the Benin Electricity Company (BEDC) to reduce the existing tariff on electricity.

“Regarding the electricity tariff, we strongly appeal to Your Excellency and your good office to talk with BEDC and NERC and do whatever you can do to protect manufacturers including this company in Edo State.

“Your Excellency sir, Yongxing Steel Company located at Ogua Community in the Benin Bye-Pass Road, Ikpoba Okha Local Government Area was incorporated as a Limited Liability Company on the 29^th day of June, 2012, and started production in July, 2013. The main object is production and manufacture of Steel products.

While positing that the strategic intent of the company was to be the leading steel manufacturer in the country, he added that two parcels of land have further been acquired for expansion.

He however promised to continue to attract other foreign and big investors to the State just as we have brought ‘Times Ceramics Company’ to show to the rest of the country.

Changsheng described Edo State as a prime destination for investment and business without fear of oppression, marginalization or discrimination occasioned by its business-friendly environment and basic infrastructure needed by investors.

He added that the company has over the past two years provided job for hundreds of workers.

The State Governor, Adams Oshiomhole who commended the management of the steel company for investing in the state promised to provide more enabling and investment friendly environments to investors and prospecting investors in the state.

 IDRIS UMAR MOMOH