Lauds indigenous food company over investment drive 
THE Central Bank of Nigeria (CBN) has lauded an indigenous food company‎, Erisco Foods Limited for the judicious and efficient use of its limited funds to drive industrial development in the country.

The apex bank bank equally urged commercial banks to finance real sector projects, adding that indigenous investments help to create job opportunities for the nation’s teeming unemployed youths.

The Adviser to the CBN Governor on Agric Finance, Paul Eluhaiwe, explained that funding indigenous investment remains a viable way to achieve economic growth and development, noting that the apex bank is geared towards financing productivity in the country.

Eluhaiwe during a facility tour to Erisco Foods Limited, added that without increased productivity, the issue of poverty eradication, income generation, enhanced Gross Domestic Product (GDP) will not be achieved.

We are proud of it that Nigerians have begin to have a rethink on how we can boost the nation’s productivity with increased activity. What we have seen today shows that there is great improvement and lots of work has been done here in terms of the machinery, capital expenditure put into this project and the level of capacity they have. What we are seeing here is the fourth largest tomato paste company in the whole world. This is the kind of investment we want to encourage in Nigeria,” he said.

We want our banks to see the reason why they must finance the real sector of the economy. If we do not do this, nobody will. We need indigenous businesses, entrepreneurs and banks to support local investments. This company has increased its staff strength from 500 to over1500 workers and this is the surest way to help solve unemployment issues in the country.

He said the CBN is focusing on core areas in agriculture to enhance the nation’s foreign exchange reserves, reduce the level of importation, increase the level of indigenous goods and enhance employment in the country.
Earlier, the Chairman, Erisco Foods Limited, Eric Umofia, commended the present administration for driving local investment in the country, maintaining that the CBN’s directive to restrict foreign exchange on products that can be produced locally is a welcome development.
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With the help of the CBN policy on the restriction of foreign exchange for certain items, it has really helped us in getting our goods out to the market. What we produce in Nigeria is much more better than what is imported. If we get support from government, our best will come out because we are not after money, but care for humanity,”he added.
He said the company has also spread its investment to different parts in the country, pointing out that indigenous investment has the capacity to transform the economy.
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We need money to operate though. We are already expanding, we are looking at katsina, Jigawa, Zamfara to take our investment there because we want to create jobs and very soon Nigerians will see that indigenous companies can transform the nation’s economy. We do not want a situation where the government gives foreigners all the leverage thereby killing local capacity. If the government supports local manufacturing, other investments will come in,” he added.

In his words, “I enjoin every Nigerian to patronise made-in-Nigeria goods. If you buy made-in-Nigeria goods and you do not like it, you can complain. We are many and that is why we are here.‎ CBN has been very supportive, we have been able to access about N2 billion. Our target is simple, we want to change Nigeria from an import dependent economy to an export oriented economy.”
According to him, the company is currently doing about 450,000 metric tonnes per year, but stressed that Nigeria’s demand is about 600,000 metric tonnes.
Our next target is to shoot up our operations to about 1 million metric tonnes per annum and export the rest. In the next eighteen months, if we get funds from CBN, when next you come to our factory, you will be surprised with what you see‎,” he said.
Erisco Foods Limited is Nigeria’s fastest-growing Fast Moving Consumer Goods Company with a major focus in the production of proudly made-in-Nigeria tomato paste, seasonings and other‎ food products.