Erisco, Africa Largest Tomato Paste Company To Pull Out of Nigeria Due to Buhari’s Policy
Erisco Foods Limited has given the President Muhamamdu Buhari-led Federal Government 30 days to do the right thing by giving the requisite support to indigenous manufactures or else it would relocate its production base to another country.
President and Chief Executive Officer of the company, Chief Eric Umeofia said the relocation of the production base would entail sacking 1500 out of its 2050 workforce, Dailytrust reports.
The business mogul blasted government agencies including the Central Bank of Nigeria (CBN), Federal Ministry of Industry, Trade and Investment and the National Agency for Food Drug Administration and Control (NAFDAC) during a press conference at Erisco head office in Lagos.
Erisco Foods Limited is the biggest tomato paste manufacturer in Africa and 4th largest in the world.
Umeofia, who said he decided to move his investment worth over US$150million from Dubai and Angola to Nigeria, said the operations of the company is being crippled by activities of government agencies.
He said the CBN refused to allocate foreign exchange to local manufacturers while favouring foreign companies.
He said if nothing is done to change the trend within the next 30 days he would immediately relocate his production base from Nigeria and downsize the workforce.
The decision by the Erisco President triggered massive protests by workers of the factory who called on the Federal Government to save local manufacturers.