Local raw materials investors assured of forex allocation

The federal government through the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has assured investors using local raw materials that they will be given priority in foreign exchange allocation for the procurement of machines and other equipment that are not readily available in the country.

The minister gave the assurance while hosting the Greece Ambassador to Nigeria, Mr Ioannis Plotas in his office, he said the country is well endowed and any willing investors would be assisted in everyway to ensure the success of their investment.

In a press release issued on Monday by the SA (Media) FMITI, Ifedayo Sayo, the minister told the Ambassador that the Federal Government will assist foreign investors by creating a conducive environment for them to conduct their businesses.

He said the Federal Government will be happy if the Greek investors considered investing in the power nation’s sector.

Besides, he wanted Greek investors to consider setting up agro-allied companies using the abundant agricultural products in the country.

He assured that willing investors will not have issue with getting foreign exchange to import machines and other equipment needed for their businesses as long as they made use of local materials.

Meanwhile, the Minister at a meeting with the power sector leaders on the African Continental Free Trade Agreement (AfCTA) on Monday listed conditions precedent for the successful realization of the country’s objectives in ratifying the agreement.

They are: (i) building the capacity to produce goods and services to sufficiently high levels to unleash the benefit of the economics of scale; (ii) improving price competitiveness of Nigerian products through improvements in production, trade logistics, and quality infrastructure, (iii) mitigating the threats of predatory trade practices including smuggling, dumping, abuses of rules of origin among others.

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