The Nigerian Government has assured United Kingdom companies operating in the country of its support in ensuring that they thrive even in the face of dwindling foreign exchange earnings.
The Nigerian Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo and the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele at an interactive session with UK Business Team in Abuja noted that the government was doing everything to ensure that investors in the Nigerian economy get the necessary support to grow their companies.
Mr Adebayo who facilitated the meeting had posited that the growth of these companies would mean more money for the government to build more infrastructures and also create jobs for the teeming Nigerian youths.
Representatives of the companies lauded the CBN for funding of local companies and the various reforms put in place to assist in keeping them in business.
They, however, solicited for more foreign exchange for them to continue in business, saying they need it to pay their lenders and maintain their machines.
Some of the companies present at the interactive session included Glaxo Smithkline, Savanna Energy, AzuraPower West Africa, Guiness Plc.
Representative of Glaxo Smithkline, a pharmaceutical company, Omon Elyhibro who lauded the Minister and the CBN governor for the support they have received from the government in their 50 years operation in the country, said it is their desire to make the country the export hub for pharmaceutical products.
According to him this would be realised through their partnership with local manufacturers, pointing out that CBN support for the local manufacturing companies was commendable.
Managing Director of Azura Power West Africa, Edu Okeke also lauded the CBN for its support for the power generation company but sought more support in terms of foreign exchange to enable the company to stay afloat.
CBN support
Mr Emefiele who was represented by the Deputy Governor, Economic Policy, Dr Kingsley Obiora had explained that the CBN was doing its best to assist manufacturers with foreign exchange, pointing out that there are only three main sources of foreign exchange inflow to the Nigerian economy.
He noted that the fall in the prices of crude oil has affected the inflow of foreign exchange adding that this informed the ban on the importation of goods that can be produced locally to ensure judicious use of the available foreign exchange.
He assured that some of the suggestions raised by the companies would be looked into to assist them in their daily operations.
Nneka Ukachukwu
