UK Firms Urge Fed Govt To Provide More Forex

United Kingdom companies operating in Nigeria have urged the Federal Government to provide more foreign exchange to enable their businesses to thrive.

The call was made at an interactive session which involved the Minister of Industry, Trade and Investment, Niyi Adebayo; the Governor of the Central Bank of Nigeria, Godwin Emefiele; and a UK business team in Abuja on Thursday.

According to a statement by the Special Adviser on Media to the Minister of Industry, Trade and Investment, Ifedayo Sayo, the Managing Director, Azura Power West Africa, Edu Okeke, said, “The power generation company needed forex not only to pay their lenders outside the country but also for the maintenance of their plants.”

The statement was entitled ‘FG assures UK businesses of support’.

Okeke lauded the CBN for its support to the company, adding that the various reforms implemented by the bank had boosted the growth of the sector.

A representative, GlaxoSmithkline, a pharmaceutical company, Omon Elyhibro, also commended the CBN for its efforts in backing the company.

Part of the statement read, “Representative of GlaxoSmithkline, a pharmaceutical company, Omon Elyhibro, who lauded the Minister and the CBN governor for the support they have received from the government in their 50 years of operation in the country, said it is their desire to make the country the export hub for pharmaceutical products.

‘’This, he said, would be realised through their partnership with local manufacturers, pointing out that CBN support for the local manufacturing companies was commendable.”