Forex restriction on food import favourable

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The Nigerian Association of Small and Medium Enterprises (NASME) says Federal Government’s decision on foreign exchange restriction on food import is favourable to both the association and manufacturers in Nigeria.

Mr Solomon Aderoju, Chairman, Lagos State Chapter of NASME, made the assertion on Thursday in Lagos.

Aderoju spoke while addressing journalists ahead of the association’s forthcoming 3rd Edition of Business Roundtable scheduled to hold on Aug. 29 in Lagos State.

He said that the forex restriction would assist the Federal Government to conserve the nation’s foreign exchange, and as well help to strengthen the value of the already weakened naira.

The chairman lauded the Federal Government for the huge decision, saying that its effective implementation would boost Micro, Small and Medium Enterprises (MSMEs) growth and create more employment opportunities.

Also, Mr Oladipo Jemi-Alade, NASME’s National Vice President, South-West, said that the government’s directive was an opportunity for MSMEs and manufacturers to explore benefits of the African Continental Free Trade Agreement (AfCFTA).

“The roundtable is apt now that AfCFTA is open to us; we have to be prepared for the next level.

“We want to be in a position to compete favourably with our foreign counterparts.

“For this reason, we are upgrading our skills, and have embarked on membership training nationwide to build skills and capacity,” he said.

Also, Adam Adebayo, Chairman, NASME Cooperative, disclosed that no fewer than 200 of its members, had accessed the Anchor Borrower’s Fund.

Adebayo said that the association had been advocating ban on imported foods to give members the opportunity to raise their standard of processing and selling local produce.

“We have been exporting primary produce, but now that there is a new development, we are happy because we would be able to add value by processing all our produce through our value chain.

“With this, the government will now bring back the Commodity Board, which will be responsible for price control so that the farmers will not record losses,” Adebayo said.