Minister assures manufacturers of government support

Minister of Industry, Trade and Investment, Adeniyi Adebayo has assured manufacturers of government support to enable them to get good returns on their investment.

Adebayo gave the assurance yesterday while hosting a delegation of Expand Global Industries Ltd., said though manufacturing companies are currently facing acute shortage of foreign exchange, the Federal Government is ready to improve access to 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 address identified bottlenecks that could impede their production process, especially with respect to the ease of doing business.

In a statement, the Special Assistant to the Minister on Media, Ifedayo Sayo quoted the Minister as saying his ministry would continue to partner with manufacturers to ensure that they were kept in business for the good of the people.

Earlier, the Managing Director of the company, Rajat Kapur, sought the assistance of the Minister to access foreign exchange for their production, pointing out that accessibility to forex would increase their capacity for increased production.

Besides, he said making forex available for manufacturers would increase investors’ confidence to keep investing in the country. He noted that the company, which started operation in the country in 2016, has grown to become the second largest producer of detergents as of 2019.