Kwara bakers laud currency swap policy

By Mike Adeyemi

The Association of Master Bakers and Caterers of Nigeria, Kwara State Chapter has given the Federal Government thumbs up over the currency swap between Nigeria and the Republic of China.

The associated noted that the development would boost production and employment generation in the state.

The state Chairman of the association, Alhaji Babatunde Gidado, during a chat with Pilot Business in Ilorin, lauded the initiative.

According to him, the swap in currency between the countries will bring about easy transaction at the International market, as huddles in the conversion vis-à-vis exchange rate would be eliminated.

“It is a very good policy. What usually discourages International transactions is the pain people undergo in the course of exchange of one currency with another. By this policy initiated by the Federal Government, I strongly believe that it will eliminate the barrier along this trade.

“It is purely an exchange of currencies, thus making it easy for Chinese manufacturers to obtain Naira in banks in China.

He said, the swap in currency will invariably eliminate time wastage in the course of getting naira converted to Chinese currency.

“One of the major problems most Nigerians faced during holy pilgrimage is the challenges encountered in order to convert Nigerian naira to Saudi Riyadh, which often is a herculean task”.

 “What the Federal Government has just done with the China government no doubt will boost our economy; it would also create jobs because those business men in China would come to Nigeria, invest their business since the major or restriction to that has been cleared”.

Gidado further said, the scheme would deepen and expand the business of master bakers in Kwara State and Nigeria as a whole because almost all their raw materials are sourced abroad, particularly from China.

 “Almost all ingredients used by bakers are sourced and produce in China. And our major problem so far is the incessant increase in the prices of bread, which is traceable to the hike in exchange rate.”

He said with swap deal policy, a Chinese industrialist would prefer to set up a flour plant in the country, bring about competiveness, thus leading to drop in the prices of these raw materials.

“We Kwara bakers are happy about this, I think it will become a new dawn in our business if eventually the policy is implemented as expected,” he added.

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