Vitafoam boss seeks manufacturers’ access to official forex window

.Explains firm’s strategic growth plan
The Group Managing Director and Chief Executive Officer, Vitafoam Nigeria Plc, Taiwo Adeniyi has called on the Federal Government to ensure that genuine manufacturers have access to official foreign exchange window, to reduce cost of production and promote job creation agenda of the administration.

He however expressed optimism that his company’s performance indicators would not be affected adversely by the ongoing business challenges.

Adeniyi, who x-rayed the operating environment in Nigeria, lamented the plight of manufacturers, pointing out that the most critical issue is the problem of sourcing raw materials, which almost 90 per cent imported.

He expressed concern that the government’s failure to create a special window for forex exclusively for genuine manufacturers has exposed the sector of the economy to the vagaries of the naira’s exchange rate in the parallel market.

According to him, while traders could easily pass the increasing cost of funds to the consumers, manufacturers in Nigeria could not do that.

He called upon the Federal Government to consider the plight of genuine manufacturers whose details are obtainable at the Manufacturers Association of Nigeria, by assisting them to access foreign exchange at official window, in order to boost production and expansion, which he described as the preconditions for job creation .

He also decried the enormous amount being spent on power generation in the real sector, due to the current epileptic supply.Adeniyi, who unfolded some strategies to sustain shareholder value explained that Vitafoam remained committed to value creation and delivery as one of the fundamental principles that define the company’s operations.

Commenting on the current efforts to sustain Vitafoam’s competitive edge, he noted that the company places premium on the realignment of internal processes to cut waste, development of human capital and investment in research and development, in consonance with the needs of the customers.Adeniyi stated that the company ‘s shareholder value would not be compromised, hence the need to remain innovative and competitive.

“We remain committed to our shareholders as ever before to make returns to them. They will not be disappointed because, for us as management , our responsibility is to return good dividends to our shareholders. That is our target and they will surely get good return for their investment,” Adeniyi said.