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Business News of Tuesday, 11 January 2022


FG pledges increased forex sale to manufacturers

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The Federal Government through the Minister of Industry, Trade and Investment, Niyi Adebayo, has assured manufacturers of its support to enable them to get good returns on their investments.

The minister, who gave the assurance while playing host to a delegation of Expand Global Industries Limited, pointed out that although many manufacturing companies were battling a shortage of foreign exchange, the Federal government was doing everything to assist them to access forex, particularly for the importation of machinery for those using local raw materials for their production.

He maintained that the ministry would continue to assist manufacturers to remove any identified bottlenecks that could impede their production process, especially with respect to the ease of doing business.

The Special Assistant to the minister on Media made this is known in a statement issued on Monday and titled, “Minister assures manufacturers of govt support.” The statement quoted the minister as saying that “his ministry would continue to partner with manufacturers to ensure that they were kept in business for the good of the investors.”

The Managing Director of the company, Rajat Kapur, had sought the assistance of the minister to access forex or their production, pointing out that accessibility to forex would increase their capacity for increased production.

He said that making forex available for manufacturers would increase investors’ confidence to keep investing in the country.