Erisco Foods Shuts Down Nigeria’s Factory, Relocates To China
Erisco Foods Limited has announced the shutdown of its tomato manufacturing business in Nigeria citing an unfavourable operating climate which has escalated operational costs in recent months. President/CEO of Erisco Foods Limited, Chief Eric Umeofia, who addressed a press conference in Lagos on Tuesday said the company had concluded plans to relocate the manufacturing aspect of the business to China from where finished products would be imported and sold to consumers in Nigeria and other parts of the world. According to him, the decision to shut down the Nigerian manufacturing plant was taken after the expiration of a 30-day ultimatum given by the management of the company to the Federal Government to compel the CBN to make available enough foreign exchange (forex) to assist in the imports of raw materials as well as the requisite equipment needed to keep the manufacturing plants running and also profitable. The company had also demanded that the Federal Government compel regulat