‘FX Crisis Major Threat to Economic Development’

An entrepreneur and Chairman AmuGold Global Network, Mr. Temitope Amujo has described the non-availability of forex as one of the major obstacles to the industrial and economic development of the country.

He however urged the federal government to rise up to the challenge so as to allow the smallscale business enterprises to thrive in the country.

Amujo stated this in Ilorin over the weekend during the 10th year anniversary of the establishment of Jumpo- Ori Shea Company, a subsidiary of the AmuGold Global Network.

According to him, “the current forex availability is a serious issue that we are facing but it is no one fault and not the government fault but the fault of demand and supply.”

He explained that, “No fewer than 90 percent of what we are using for production of Jimpo-Ori Shea are local materials but we cannot do without the elements of importation.

“When we talk of importation we cannot do without forex and when we talk about forex, you can look at the present situation is not really encouraging but the truth is that at a point we are seriously devastated when the forex crisis got to a certain level to the extent that the people supplying us can no longer supplied us again.

“The situation was so bad then that we felt of reducing our staff, can we stop some lines? At times we will be waiting for materials that will be needed in production lines of the company but not forthcoming due to non availability of forex to have the materials needed for production.”

Amujo added that, “We are not tired or frustrated because we still have belief in our country. Some other sister companies also said we should move to another neighbouring countries where there is constant power supply and there is availability of forex to work with for our production but we let them know that the time we supposed to move, we didn’t move and so the movement is not now.