Due to unfavourable business environment in the country, tomato manufacturing business, Erisco Foods Limited has announced the shut down of its industries.
At a press conference in Lagos, the President/CEO of Erisco Foods Limited, Chief Eric Umeofia said plans have been concluded by the company to relocate the manufacturing aspect of the business to China from where finished products would be imported and sold to consumers in Nigeria and other parts of the world.
He added that the decision to shut down the Nigerian manufacturing plant was taken after the expiration of a 30-day ultimatum given by the management of the company to the Federal Government to compel the CBN to make available enough foreign exchange (forex) to assist in the imports of raw materials as well as the requisite equipment needed to keep the manufacturing plants running and also profitable.
The company had also demanded that the Federal Government compel regulatory agencies like NAFDAC, SON, and the Federal Ministries of Agriculture, Industry, Trade and Investment to end the imports and dumping of sub-standard tomato paste in the country.
“As from today, November 1, 2016 we have commenced the winding down of our tomato manufacturing business in Nigeria and it’s a decision that we have taken as the 30 days ultimatum has expired without our terms being met,” Umeofia said. “We are moving the factory to China from where we will manufacture and bring back to Nigeria while also selling to other overseas clients.
This decision is therefore final and there is no going back on it; nothing will make us to come back even in the future because we have found out that we can import tomato paste into Nigeria and still make huge profits,” he added. Umeofia said.
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