CBN’s Forex Policy Boosts Production Capacity for Manufacturers

Two leading local manufacturers in the packaging industry, acknowledged that the impact of the CBN policy on forex has more than doubled their productive capacities, helping them to meet increased demand for their products.

Deputy Managing Director, Tempo Paper Pulp & Packaging Limited, Nassos Sidirofagis, said since the policy’s implementation started, his firm has increased its production capacity from 50 per cent to 70 per cent.

He said this raised their export volume and foreign exchange earnings for their firms and the economy.

He said the policy has helped manufacturers to realise the urgent need to expand because of increasing demand for their products.

Sidirofagis said the company planned to start an expansion project due to expected increase in demand within this year and next. “We have since developed capacity to also attract foreign investors, who we believe are exploring investment opportunities in our organisation. Therefore, on all sides this is a win-win situation for Nigeria and local manufacturers”, he said.