Stats: 3,190,304 members, 7,940,215 topics. Date: Wednesday, 04 September 2024 at 07:47 PM |
Nairaland Forum / Nairaland / General / Business / Tomato Paste Manufacturers Tackle CBN Over FX Policy (7291 Views)
I See Speculators Losing Billions Of Naira To New FX Policy – BDC Chief / NECA Attacks CBN Over N50 Stamp Duty / Manufacturer Cautions CBN Over Sale Of Dollar To Bdcs (2) (3) (4)
Tomato Paste Manufacturers Tackle CBN Over FX Policy by Yarnvibes(f): 7:10am On Jan 19, 2017 |
The Union of Tomato Paste Manufacturers in Nigeria has raised alarm over the danger of the foreign exchange policy on the industry. They said that the once vibrant industry might cease to exist next year if the Central Bank of Nigeria (CBN) did not amend its policy on forex to exclude triple concentrate tomato paste from the scope of the 41 items under the restricted list. The union raised the alarm through its spokesperson, Mr. Nnamdi Nnodebe. Nnodebe, who is also the Managing Director, Sonia Foods Industries Limited, said: “While trying to heal the economy, the pillars that hold the economy together are being removed. Pillars such as the tomato industry are invaluable to growing a vibrant economy. 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.” “The unavailability of tomato paste triple concentrate for the industry will grind production to a halt; meaning millions of people who depend on the industry for their livelihood will lose their jobs or have reduced incomes. 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 patronise electronics shops, banks, petrol stations, they pay taxes etc. but they will no longer be able to fulfill all these.” The value of imported tomato paste in Nigeria used to be about 170 million USD (before the CBN ban on 41 items). The imported triple concentrate tomato paste used as raw material by the packers used to be around $50 million out of the $170 million (2014). The imported concentrated raw material is then further processed in order to make it available for the consumers into products such as consumer packs of tomato paste, ketchup, sauces etc. “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. The local packing industry can also form the hub for exports to the hinterland countries as there are adequate local capacities to more than cater to the domestic requirement,” Nnodebe said.. http://www.kikiotolu.com/2017/01/tomato-paste-manufacturers-tackle-cbn.html Lalasticlala Mynd44 seun Dominique |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Nobody: 7:15am On Jan 19, 2017 |
.... |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by babniyen(m): 7:16am On Jan 19, 2017 |
No importation of tomato paste... UNDERSTAND. Tomato is grown in large quantities here... 10 Likes |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by maryjan8(f): 7:17am On Jan 19, 2017 |
Good |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by tolexy123: 7:28am On Jan 19, 2017 |
Na everything they get association for dis dumb black nation ranging from pepper, tomato, sugar, tyre, groundnut and so on making this commodities more costly. Imagine sugar selling for #20 per spoon and them stupid niggas will come out shouting buhari like its buhari that raised the price of egg to #50 per one giving the sellers profit of over 50% unlike the 20% of before. We all need to rise up against thesetupid cabals #smh NB: quote me Negatively and let thunder fire your ass 7 Likes |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Nobody: 7:29am On Jan 19, 2017 |
It's OK |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by mykeljosef: 7:29am On Jan 19, 2017 |
the problem isnt importing but are the ones made in Nigeria being made diligently in terms of quality and packaging?? 5 Likes |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by referandum(m): 7:31am On Jan 19, 2017 |
.. |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Aroh48(m): 7:32am On Jan 19, 2017 |
watching in 3D. |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Nobody: 7:32am On Jan 19, 2017 |
Wonder why we cannot make triple tomato paste concentrate in this country. 7 Likes 1 Share |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by gudnex22(m): 7:32am On Jan 19, 2017 |
Okay |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by dayleke: 7:34am On Jan 19, 2017 |
Seen |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by gudnex22(m): 7:34am On Jan 19, 2017 |
hmmmmmm |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by checkolatunji: 7:36am On Jan 19, 2017 |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by LordAdam7: 7:36am On Jan 19, 2017 |
These people should mind themselves. Which one is imported tomato paste triple concentrate? If they only have machines to package the concentrate, they should apply for forex to buy machines that can produce the concentrate. We had a bountiful tomato harvest, we can't be importing concentrate to package. The CBN just said they would be giving priority to manufacturers henceforth. Late, but better late than never. -Lord 5 Likes 1 Share |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Sabergol99(m): 7:47am On Jan 19, 2017 |
It is better economics to import raw materials and add value to the imports. CBN should ease the embargo they placed on accessing forex for some materials. Some people love to make unsubstantiated claims that we can be self sufficient in production of raw tomatoes, this is blatant falsehood. We may be among the largest tomato producers in the World but because of our population, we can barely meet local demand. Tomatoes is still being imported till today to keep up with local demand. Non-oil exports have been on a steady decline since 2015. So what sort of economy are we building? 6 Likes |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Pavore9: 7:50am On Jan 19, 2017 |
Where they are imported from, are the tomatoes there grown in their skies? ![]() 1 Like 1 Share |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by ZUBY77(m): 7:54am On Jan 19, 2017 |
LordAdam7: And apply for forex to buy electricity as well because as far as I am concerned, without electricity, 90% of machineries in Nigeria are useless when it comes to normal functions. 2 Likes |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Pavore9: 7:55am On Jan 19, 2017 |
9jakohai: The hitherto cheap dollar caused it. Nigerians must learn to do some things for themselves. Every year we graduate Food technologists and still see nothing wrong in importing stuff like the triple tomato paste concentrate ! 3 Likes 1 Share |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by LordAdam7: 8:00am On Jan 19, 2017 |
ZUBY77: Manufacturers in Nigeria make provisions for power plants when they set up operations in the country. It is a necessity. These packagers already have heavy-duty generators or mini power plants already setup for the packaging they do. If they import more machines to produce concentrate, they'll only have to increase their power capacity. It'd take a sizable investment I know, but that is the direction the country is heading, and I'll be surprised if it wasn't part of their mid- to long-term plan. -Lord 1 Like 1 Share |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by lovat(m): 8:00am On Jan 19, 2017 |
I think the man is talking about importation of raw material for tomato paste. This was what led Erissco foods to shut down |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by otokx(m): 8:03am On Jan 19, 2017 |
9jakohai: No power, high wages, next to no skill on the part of workers. 1 Like |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Nobody: 8:03am On Jan 19, 2017 |
Wait, is it not tomatoes they use in making the paste? Is there no tomatoes farm in Nigeria? Why are the manufacturers importing the paste? Is that not foolish. Abeg someone should explain to me. Cus from what I am seeing this so called manufacturer's import the tomatoes paste and package it in Nigeria. 1 Like 1 Share |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Nobody: 8:04am On Jan 19, 2017 |
lovat:Plz what are these raw materials that cannot be gotten in Nigeria. 1 Like 1 Share |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Nobody: 8:04am On Jan 19, 2017 |
Nigerians want to produce everything, import nothing, yet lack the infrastructure to produce anything, 1 Like 1 Share |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by calberian: 8:10am On Jan 19, 2017 |
To ban importation of tomato paste should mean the following: (1) provision of adequate land for tomato cultivation, (2) provision of necessary extension services to tomato farmers, (3) provision of dependable power supply for proper farm operation and management, l (4) provision of adequate storage facilities and robust collection centres due to the highly perishable nature of the produce, (5) upgrade and construction of transportation networks that run from the farm to the consumer's doorstep, (6) privision of easily accessible credit facilities to farmers for a start, because these are some of the conditions under which farmers in those climes where the tomatoes are being imported from are enjoying. Without addressing this issue, the demand for local tomatoes will hit the roof in the face of the dwindling capacity of our local farmers to produce. The end result will be more suffering for Nigerian masses because the price will multiply. The job doesn't end in typing a memo declaring a ban. My late grandmother can do that easily. The job lies in working for the farmers so they can help feed us less expensively than what currently obtains. 3 Likes |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by Exponental(m): 8:12am On Jan 19, 2017 |
Right policies at wrong time without appropriate implementation is killing us in this country courtesy.... APC led govt 2 Likes |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by SweetJoystick(m): 8:13am On Jan 19, 2017 |
Everyone needs the green back |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by babniyen(m): 8:19am On Jan 19, 2017 |
We have to start somewhere. We are going cold turkey. No importation of tomato paste. Let some of them retool there factories to produce the paste from fresh tomatoes, smae infrastructure different product. |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by referandum(m): 8:24am On Jan 19, 2017 |
checkolatunji:lolz booked |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by yomalex(m): 8:26am On Jan 19, 2017 |
Yeye Go and start your own tomato farm |
Re: Tomato Paste Manufacturers Tackle CBN Over FX Policy by jaydee87(m): 8:29am On Jan 19, 2017 |
Pavore9:best post so far. we have food scientist here in nigeria, we importing tomatoes from a country that produce less than we do.. my opinion let's engage our food scientists and give enabling environment to work... 1 Like 1 Share |
Free Invoicing Software For Nigerian Small Business Owners & Freelancers / CBN, MTN Near Deal Over $8.1bn Fund Transfer / How To Start POS Business In Nigeria
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 41 |