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CBN To Boost Local Manufacturing

By Bright Bassey

The Central Bank of Nigeria, CBN has given manufacturing companies foreign exchange worth over $660 million to source raw materials and spare parts.

Isaac Okorafor, acting director, Corporate Communications disclosed this in a statement in Abuja on Monday.

He said this was in line with the CBN’s promise to ease the foreign exchange availability to manufacturing and agricultural businesses.

“The CBN is committed to ensuring that manufacturers of goods for which Nigeria does not enjoy comparative advantage are able to get letters of credit (LCs) to import the required materials for their businesses,’’ he said.

He added that the money would help facilitate the procurement of raw materials needed for agricultural, automobile, amongst other industries.

Reports have shown that this measure by the CBN was birthed after Erisco Foods Limited announced shutting down its N4 billion tomato paste plant in Oregun, Lagos State. This act alone caused 1,500 workers to lose their job with the company.

Okorafor has encouraged local manufacturers to maximize this opportunity to enable Nigeria reclaim its glory as a major producer of goods through backward integration initiatives. This will help conserve billions of forex spent on import bills.

 

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