The Federal Government said it is working round the clock to ensure that the pressure on foreign exchange is tackled.
Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, stated this 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.
Dr. 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 minister said, “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.”
In his remarks, the governor of Ogun State, Prince Dapo Abiodun, noted that the TGI Group is a testament that the state is moving towards the right direction.
Governor Abiodun, who also commended 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.
Abiodun said, “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 increased 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.”
Prince Abiodun noted that the state is the most improved economy in the country as well as one of the two most resilient states in the country.
He said 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 per cent of the raw materials used by the company is sourced locally, adding that the company is proud to be associated with the state.