Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Tomato Union Says Tomato Paste Industry May Cease to Exist in 2017 If Ban on FX Is Not Lifted.

mudeerat olawunmi by mudeerat olawunmi
December 29, 2016
in Business News
Has Inflation Rate Changed?
Share on FacebookShare on TwitterShare on Linkedin

The spokesman to the Union of Tomato Paste Manufacturers in Nigeria, Mr. Nnamdi Nnodebe has said that the once vibrant tomato industry might cease to exist in 2017 if the Central Bank of Nigeria (CBN) does not amend its policy on forex to exclude triple concentrate tomato paste from the scope of the 41 items under the restricted list.

The managing director of Sonia Foods Industries Limited who is one of the stakeholders in the production of tomato paste variants, disclosed that the total investment in the packing manufacturing sector of tomato paste is about N19 billion.

“The economy cannot afford to lose such a huge industry that provides millions of direct and indirect jobs for Nigerians. The fact is this industry that grew to be the 13th largest in the world and second largest in Africa might die before the second quarter of next year if the ban on Forex is not lifted.”

RelatedPosts

These are the four largest sectors of the Nigerian economy

These consumer goods companies have not paid dividends since 2015

He also disclosed that the exist of the triple concentrate tomato paste will reduce the rate of production for the industry which will either lead to high rate of unemployment or low standard of living for their employees.

“The impact of this on the economy will be massive and negative as consumer behaviour will also be influenced leading to low purchase of goods in all sectors, not just tomato. These workers also patronize electronics shops, banks, petrol stations, they pay taxes among others, but they will no longer be able to fulfill all these”.

“It makes better economics to import the raw materials that will enable production, grow the economy and keep jobs rather than importing the finished products or frustrating efforts to get the raw materials, thereby rendering millions jobless which might further kill the economy”.

Related

Tags: CBN Forex PolicyConsumer GoodsManufacturing

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Buhari’s aide says Peter Obi lied about Nigeria stalling Siemens deal
    • Lagos partners with private sector to provide more affordable houses with various projects
    • Central African Republic starts crypto hub to boost financial inclusion

    Follow us on social media:

    Recent News

    Buhari to stop Nigeria’s blacklisting, writes Senate to pass money laundering, terrorism bills

    Buhari’s aide says Peter Obi lied about Nigeria stalling Siemens deal

    July 5, 2022
    Housing in Lagos State

    Lagos partners with private sector to provide more affordable houses with various projects

    July 5, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com