Home Edo Chinese firm to Buhari: We are dying under high electricity tariff, Forex, Wants Oshiomhole to intervene

Chinese firm to Buhari: We are dying under high electricity tariff, Forex, Wants Oshiomhole to intervene

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The Managing Director of Yongxing Steel Company Limited, Mr. Zheng Changsheng, is not happy over poor electricity supply in the country with skyrocketed and overestimated billings.

Besides, the Central Bank of Nigeria’s monetary policy on foreign exchange may collapse the steel company, it was gathered.

Mr. Zheng Changsheng made this disclosure in Benin City when Governor Adams Oshiomhole of Edo State undertook an inspection of the Company’s foundry at Ogua Community in the state capital.

According to the Managing Director, “we wish to request the assistance of Edo State Government to help the company link with CBN for the foreign exchange for our importation of equipment. And help appeal to the Federal Government to prevail on the Benin Electricity Company (BEDC) to reduce the existing tariff on electricity.

“Your Excellency, regarding the electricity tariff, we strongly appeal to Your Excellency and your good office to talk with BEDC and NERC and do whatever you can do to protect manufacturers including this company in Edo State.”

Responding, Governor Adams Oshiomhole commended the organization for their industry and for living up to his expectation.

Oshiomhole said, “I do recall your visit a few years back, and you had some concerns, and I told you that we would do everything possible to assist you to address those concerns. We are very happy that you find Edo State as a home because the whole world is open to investors.

“So, to come to Edo State, it shows, as you said, that we have the right investment environment. We have the land, we have the people. They are hardworking, they are industrious. They have a traditional ruler who is helping to maintain the peace, and you have everything that you need to assist you as foreigners to feel at home anywhere you live in Edo State.

“I am happy that your company has since started production, and you are doing well. You are contributing to the economy of Nigeria and contributing to the economy of Edo State, and providing employment for many of our people, both those you employed directly and those who are supplying various raw materials to your company, as well as those you are selling products to. So, we are happy about this, and I am happy to hear that you are determined to carry out more expansion, and you have already acquired two parcels of land.”

The Governor said: “I like this, and I like to quote what you said here, that Times Ceramics Company ‘are showing to the rest of the country that Edo State is a prime destination for investment and business without fear of oppression, marginalization or discrimination.’ I think this for me is a very good testimonial.

“We will assist you in any way that we can, and I want to appreciate your sense of corporate social responsibility by the kind of things you have supported the community to do. Those facilities show that you care about your host community”.

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