Nigeria's finance minister, Wale Edun, says the feds are backing private companies that can juice up manufacturing and get people hired. He met with Folay West African Limited execs who pitched their growth plans for making more stuff locally and building out agricultural supply chains.
Folay dropped over N11 billion on production facilities in the Lekki Free Zone and buys its grains from Nigerian farmers instead of importing everything. Edun basically said these are the kinds of moves the country needs for actual economic diversification instead of just relying on oil money forever.
Meanwhile, the Nigeria Customs Service Board approved a bunch of promotions for deputy and assistant comptroller-generals. The whole thing is part of making Customs less of a bureaucratic nightmare, so trade flows better under the African Continental Free Trade Area setup.
Folay dropped over N11 billion on production facilities in the Lekki Free Zone and buys its grains from Nigerian farmers instead of importing everything. Edun basically said these are the kinds of moves the country needs for actual economic diversification instead of just relying on oil money forever.
Meanwhile, the Nigeria Customs Service Board approved a bunch of promotions for deputy and assistant comptroller-generals. The whole thing is part of making Customs less of a bureaucratic nightmare, so trade flows better under the African Continental Free Trade Area setup.
