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FG, UK Business Team meets in Abuja

The Federal Government has given assurances to United Kingdom companies operating in Nigeria of its support in ensuring that they thrive amidst dwindling foreign exchange earnings.

The UK Business Team in Abuja had solicited for more forex during an interactive session with Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo.

Otunba Adebayo explained that the growth of these companies would boost the economy and create jobs for the youth.

Governor of Central Bank of Nigeria, CBN, Mr. Emefiele who was represented by the Deputy Governor, Economic Policy, Dr. Kingsley Obiora who said the apex bank was doing its best to assist manufacturers with forex, pointed out the three main sources of forex inflow to the economy which are through the sale of crude oil, remittances from Nigerians abroad and foreign investors.

He said a fall in the prices of crude oil had affected the inflow of forex adding that this informed a ban on the importation of goods that can be produced locally to ensure judicious use of the available forex.

Representatives of the companies lauded the CBN for funding local companies and the various reforms put in place to assist in keeping them in business.

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