• Latest

    Dangote's tomato paste factory shut down due to dollar scarcity

    Nigerian billionaire, Aliko Dangote has shut down his tomato paste factory in Kano due to unavailability of dollar to produce raw materials.

    The factory may reopen immediately it can source raw materials for its production.

    According to our source, this has been the second of such closure in months in a blow to Federal Government effort to diversify the economy.

    Entrepreneurs has claimed that the Central Bank's action of keeping exchange rates at high rates has contributed to the scarcity of dollar which is used mostly for obtaining raw materials internationally.

    No comments