Erisco Foods threatens to fire 1,500 workers, leave Nigeria [ Brief ]
An indigenous firm, Erisco Foods, has said it may be forced to shut down its production in the country due to its inability to access foreign exchange from the Central Bank of Nigeria for the procurement of machinery. The company’s Chief Executive, Mr. Eric Umeofia, said it would lay off 1,500 employees and quit Nigeria for a more favourable business environment if things don’t change. He said this in Lagos on Wednesday when some of the company’s workers held a protest, lamenting plans by the company to halt operations and lay off workers. Umeofia said, “It is difficult for indigenous manufacturers to access forex despite CBN’s promise to manufacturers that they will allocate 60 per cent of foreign exchange to them. “It is unbelievable that for over two months, no forex has been allocated to Erisco Foods whereas the same forex is allocated daily for the importation of finished goods. “Products that can be easily produced locally like fish head, tomato paste, razor blade are ...