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By Oluwafunke Ishola Lagos, Dec. 24, 2020 The Association of Food and Agro Processors (AFAP) has appealed to Central Bank of Nigeria (CBN) to assist Small and Medium Enterprises (SMEs) to easily access foreign exchange for procurement of machinery. AFAP National President, Duro Kuteyi, made the appeal on the sidelines of the Award and End-of-Year ceremony Spectra Industries Ltd. in Lagos on Thursday. Kuteyi, who is also Chief Executive Officer of Spectra Industries Ltd., noted that some members of the association had secured funding under CBN’s financial intervention. He said that the cha...

AFAP National President, Duro Kuteyi, made the appeal on the sidelines of the Award and End-of-Year ceremony Spectra Industries Ltd. in Lagos on Thursday. Kuteyi, who is also Chief Executive Officer of Spectra Industries Ltd., noted that some members of the association had secured funding under CBN’s financial intervention. He said that the challenge was in converting the funds to dollars at the CBN official exchange rate to import the machines. “ Most machines required for production are not available in Nigeria, and purchasing foreign exchange at the black market rate to buy the machin...