Umeofia made the appeal during the company’s distributor rewards and product launch event on Tuesday in Lagos.
He noted that multiple exchange rates had caused economic disruption, illiquidity, and round-trip travel that had affected the operations of many companies in the country.
“If the country wants to get rid of unstable exchange rates, we need to eliminate the different exchange rates, the parallel market is around N770 while the official rate is around N440.
“The reality is that many companies obtain their currencies from the parallel market, since access to currencies from the official market is difficult.
“Since I came to the country 10 years ago, the value of my investment has dropped by cents to dollars.
“Last Monday, I lost N74 million due to exchange rate differentials. I traded naira to a dollar in N900 for a good I wanted to buy, the next day, it collapsed to around N800, I lost N74 for every dollar,” he said.
Umeofia noted that the main bank must develop a clear strategy and timetable for how it intends to achieve full unification of the country’s multiple exchange rates.
According to him, this will enhance the strength of the naira, boost liquidity, promote domestic and foreign investment, and stimulate economic growth.
He pointed out that many companies were closing due to wrong actions and inefficiencies of the Ministries, Departments and Agencies (MDA).
He added that to get out of the current economic uncertainty, the public must stop sponsoring imported products.
Umeofia pointed out that the patronage of imported goods to the detriment of locally produced goods was economic sabotage.
Furthermore, Mr. Nnamdi Umeofia, Managing Director of Erisco Foods, called on the Lagos State Government to ensure a conducive business environment, saying that the activities of some of his staff were detrimental to business growth.
Umeofia noted that business operations in the state were frustrating due to constant harassment from the state government under the guise of earning internally generated revenue.
In addition, Umeofia said that to improve nutrition and encourage Nigerians to eat healthy food, the company introduced seven new wellness products.
The Nigerian News Agency reports that Erisco Foods has also awarded ACP Danjel Amah one million Naira and products worth N120,000 per year for two years, for his exemplary and professional conduct in refusing a $200 billion bribe .
Umeofia recalled that his attitude led to the arrest of the alleged armed robbery syndicate in Kano state, while appealing to others to emulate Amah’s professionalism and integrity.
Some of the company’s distributors were also awarded for their excellent performance and contributions to the growth of the company.
Source Credit: NAN