IDL seeks improved access on forex, fetes distributors

Intercontinental Distillers Limited (IDL) has commended Federal Government’s efforts in stabilising the Naira in recent times, and appealled for sustenance in the on-going efforts to make steady the Naira and improved access to Forex.

Managing Director, IDL, Patrick Anegbe, stated this at its yearly distributors’ award programme in Abeokuta, Ogun state.
Anegbe compared the difficulties in the year 2016 against 2017, especially for those in the manufacturing industries.

He said the inability of the Central Bank of Nigeria (CBN) to fund the Foreign Exchange market to meet import requirements led to the scarcity of vital raw materials including ethanol (an important component of distillery industry).

He said the situation severely curtailed their production and sales activities during the year 2016 and it spilled into the early parts of 2017.

He added that the high cost of imported raw materials arising from devaluation of the Naira informed the price increases earlier in the year.

Besides, he said the ceremony is designed to appreciate the efforts of its Distributors, who played a major role in getting their products to the final Consumers.

He commended the efforts of the government in stabilising the Naira in recent times as this has helped IDL as a company to review downward the prices of their products.

At the ceremony, Managing Director, YTT Distribution Limited, Mrs Yemisi Adewusi, emerged the company’s overall best distributor while Emma Ogbata & Sons and Ogbohu Enterprises came second and third respectively.
Meanwhile, the company also unveiled its repackaged brand, ‘Bull London Dry Gin and launch of the new DeRok Chocolate Flavoured Liqueur.

Head of Marketing, Mobolaji Alalade, said the brands will bring excitement and inspiration to its esteemed consumers.