Tomato paste company erisco suspends operations scarce forex

It appears that you're referring to the news about Erisco, a tomato paste company, suspending its operations due to a scarcity of foreign exchange (forex).

Here's a summary of the situation:

Erisco, a leading tomato paste manufacturer in Nigeria, has announced that it will be suspending its operations due to a severe shortage of foreign exchange. The company, which relies heavily on imported raw materials and equipment, has been struggling to access the necessary forex to continue production.

The scarcity of forex has been a major challenge for many businesses in Nigeria, particularly those in the manufacturing sector. The country's foreign exchange reserves have been depleted due to a combination of factors, including a decline in oil prices, a rise in imports, and a lack of foreign investment.

Erisco's decision to suspend operations is likely to have a significant impact on the company's employees, customers, and the broader economy. The company is one of the largest tomato paste producers in Nigeria, and its closure is expected to lead to job losses and a shortage of tomato paste in the market.

The situation highlights the need for the Nigerian government to address the country's forex challenges and implement policies to support local businesses. The government has announced plans to increase forex availability and reduce the country's reliance on imported goods, but more needs to be done to address the root causes of the problem.

In the meantime, Erisco's suspension of operations is a reminder of the challenges facing businesses in Nigeria and the need for the government to take decisive action to support the economy.