Forex restraint on food importation favour’s MSMEs – Association
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Forex restraint on food importation favour’s MSMEs – Association

Forex restraint on food importation favour’s MSMEs – Association: The Federal Government’s decision on foreign exchange restriction on the importation of food is of benefit to manufacturers in Nigeria and the Small and Medium Enterprises (NASME).

The Chairman of NASME Lagos State Chapter, Mr Solomon Aderoju made this statement on Thursday, 5th September 2019.

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

Mr Solomon Aderoju, said that the restraint would be a great benefit to the national economy and help to conserve the nation’s foreign exchange. This as well would strengthen our currency (Naira) which is already weakened. Forex restraint on food importation favour’s MSMEs – Association.

The Chairman applauded the Government for their decision. He added, that it will enhance the Micro, Small and Medium Enterprises (MSMEs) growth and it would generate 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 point 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 not less than 200 of its members had accessed the Anchor Borrower’s Fund.

Adebayo said that the association had been advocating a ban on imported foods to allow members 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.

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

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