Erisco loses N72m in 1 day over forex, unveils 10 products

President/CEO of Erisco Bonpet Group, Chief Eric Umeofia yesterday called for the abolition of multiple exchange rates saying the firm lost N72 million a day due to the forex crisis just as the firm unveiled 10 products.

He spoke in Lagos during the unveiling of 10 new products by Erisco Foods Limited, disclosing that he lost N74m in one day just last week when the foreign exchange rate shot up to more than N800.

• EFCC intensifies raid on BDC operators’ hubs
• Afenifere fumes over kidnappings on Lagos-Ibadan Expressway

Umeofia who noted that President Muhammadu Buhari had done its best to support indigenous manufacturers especially the Tomato paste industry however said the problems facing manufacturers lies with the overbearing postures of the Ministries, Departments and Agencies (MDAs) in charge of trade.

“One could be out of business with this inconsistent rate. It is time to remove subsidies of our dollars. We are subsidizing our dollars, one at N450 and another N700, who is benefitting from this?”

He urged Nigerians to patronise Made-in-Nigeria goods to cut overdependence on foreign products and reduce the forex pressure.

Some of the products unveiled included Erisco Ricvita Cocoa Drink, Erisco Milk Tea, Erisco Coffee Mix, Erisco Ketchup, among others.

Managing Director of Erisco Foods, Mr. Nnamdi Umeofia has said the company had resisted several temptations to import even as he added that the firm is fully Nigeria from the top to the bottom.

“The biggest challenge Erisco Foods Limited faces as an indigenous manufacturing organisation is lack of support and patronage from most MDAs and some Nigerians alike who prefer anything foreign.”

He also decried the constant harassment by officials of Lagos State Government in the guise of sourcing IGR.

Chairman of Erisco, Alhaji Bashir Albasu commended the dedication of the management and staff of the company which he said had taken it to a great height as a foremost manufacturing concern in Nigeria.