Naira Depreciation:FG Promises To Tackle Pressure On Foreign Exchange - EDU-BIZNEWS


Tuesday, January 9, 2024

Naira Depreciation:FG Promises To Tackle Pressure On Foreign Exchange

Federal Government of Nigeria says it is working round the clock to reduce the pressure on foreign exchange, so as to ensure appreciation of naira against dollar 

Minister of Industry,Trade and Investment, Dr. Doris Uzoka-Anite made this known on Tuesday during the commissioning of two new factories and extension of the  Tropical General Investment Group (TGI), at the Sagamu Inter-change, Ogun State.

Uzoka-Anite said that the Federal Government under the leadership of President Bola Ahmed Tinubu would continue to encourage industrialization and mobilize resources where necessary to boost economic recovery.

She added that the present administration would also ensure the removal of road blocks that could hinder businesses to thrive in the country.

"The challenge of unemployment, pressure on foreign exchange and economic diversification is one that President Bola Ahmed Tinubu is determined to tackle conclusively.

"Manufacturing and value chain addition is necessary for the overall development of our country. There is no way around it; the cause of inaction is huge and we cannot afford it," she said.

Also speaking, Governor Dapo Abiodun noted that the TGI Group is a testament that the state is moving towards the right direction.

Governor Abiodun commending the deep sense of corporate social responsibility of the group, added that when companies engage in corporate social responsibility, the community takes ownership and supports their overall development.

"I want to thank the TGI group because you are a classical example of the success story of Ogun State; you are a reference point industry, a shinning example of foreign direct investment in the country".

"If we had not increase the ranking of the state on the ease of doing business index,you wouldn't be expanding your business, you are a testament to the fact we are truly working the talk and we are proud to be associated with you," he said.

The state according to him,  is the most improved economy in the country as well as one of the two most resilient states in the country.

Abiodun assured that his administration would continue to put in place the needed infrastructure for more companies to thrive in the state, adding that the Agro Cargo Airport being constructed by his administration would soon commence operation.

Earlier in his welcome address, the Executive Director, Food Distribution, TGI, Mr. Roy Deepanjan noted that about 80% of the raw materials used by the company is sourced locally, adding that the company is proud to be associated with the state.

L-R: Group Managing Director, Tropical General Investmemt (TGI); Mr. Rahul Savara; Ogun State Governor, Prince Dapo Abiodun; Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite and the Co-founder/Chairman, Mr. Cornelis Vink during the commissioning of West African Cubes Limited and West African Soy Industries Limited, Sagamu, Ogun State on Tuesday.

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