Business

Nestlé urges FG to improve Forex availability for raw materials

Published

9 years ago

June 12, 2017

By Chioma Obinagwam

The Federal Government (FG) has been urged to ensure availability of Foreign Exchange (Forex) for critical raw materials.

Chairman of Nestlé Nigeria, David Ifezulike disclosed this in Lagos, recently.

“The government needs to put adequate measures in place to ensure foreign exchange availability for critical raw materials which cannot be sourced locally.”

The Chairman added that there is also need to for the FG to improve the ease of doing business by lowering the cost of doing business in Nigeria.

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“It is also necessary to focus on improving the ease of doing business through regulatory reforms to lower costs, eliminate bottlenecks and improve administrative processes,” he added.

Continuing, he noted, that the company’s Profit After Tax(PAT), negatively impacted by revaluation of Forex loans due to the devaluation of the naira.

A review of the company’s result for the period ended December 31, 2016 showed that the company’s PAT dipped from N23.74 billion in the same period in 2015 to N7.92 billion the current year.