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How CBN, NAFDAC, minister are killing Nigerias products – Erisco Foods CEO



The President/ Chief Executive Officer of Erisco Foods, Chief Eric Umeofia, disclosed  that major government agencies under President Muhammadu Buhari’s economy reforms in local-made products  are killing businesses with policies that favour foreign investors.

He noted that the Central Bank of Nigeria’s (CBN) foreign exchange policy on 41 items suspended should have thrived local-made products but officials of the apex banking regulatory body are diverting the foreign exchange supply elsewhere.

In an interview with NewsDirect Chief Umeofia said the country was wasting N1 billion yearly on tomatoes paste importation and without the support of government agencies, he is set to shut down his tomatoes factory in Lagos.

He urged President Muhammadu Buhari’s administration to probe CBN management, NAFDAC and Ministry of Trade & Industries for economic woes on locally made product in Nigeria.

In his words, “CBN refused importation of my raw materials after they had banned 41 items and I have deposited $460,000, they allowed the money to be consumed by foreigners till date. What kind of economy is the CBN planning?

“Before then, I had $20 million in my company for supply of goods but I was not allowed to utilize it because they refuse to give me foreign exchange.

“I approached CBN to give me money to produce the raw materials needed in the country. They promised but didn’t fulfill their promise. How can the economy move forward if the same CBN can grant $15.1 million to an Indian man to import finished goods but refused to give local manufacturers in this country.

“CBN Is pleased to see foreigners prosper and move forward than to see me who is an indigene and ready to help my country grow and prosper.

“NAFDAC gave a report that over 91.9per cent of goods imported to the country are fake and substandard. Few days later, they compromised. How can I succeed if I am producing at N2, 000 and China is producing at N1, 350? It is not possible.

“ If what we can produce in our country are imported into the country, then it is an abomination and sabotage but because they lack experience, they devalue the naira even after the President had said we don’t need to devalue the naira but this acrobatic foreign-ingested economist will continue to work for these foreigners to sabotage Nigeria’s economy.

“I am calling for the probe of CBN management. , after they do, Nigerians will know that CBN, NAFDAC and Ministry of Trade and Industries are really behind the woes of Nigeria.

“The Minister of Trade himself and NAFDAC said if we ban tomatoes paste now, there will be scarcity of tomatoes in the market. What nonsense is that? Scarcity for how many months? Will Nigerians die as a result of the ban? These people holding offices are not qualified to be in that office. Many companies have closed shop because of bank and government policies,” he said

He lamented that investors are losing billions of naira attributable to wrong economic decision by CBN, NAFDAC and Minister of Trade and Industries.

He explained further that, “By the time I leave this country, some of them will come back to beg me with their billions but I would not listen, because I  have lost billions in this country, am only here for President Buhari alone, for his kind and humane disposition.”

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