Featured Industry & Commerce

Entrepreneur advocates single lending rates to boost industrial production

By Meletus EZE

An entrepreneur, Mr Muideen Ibrahim, has advocated for special funds at single lending rates from the Central Bank of Nigeria (CBN) to boost industrial production capacity.

Ibrahim made the appeal during the inauguration and production commencement of an indigenous pencil manufacturing plant in Lagos on Thursday.

According to him, having a single digit interest rate will help to support companies in actualising their goals.

He also urged the Federal Government to promote manufacturing of pencil locally and stop its importation since there was now an alternative in Nigeria.

Ibrahim, also the Chief Executive of the company of BAMIB Resources and Investments Company Limited (BRIC), said: “we use old newspapers for the production of our pencils in order to preserve the ecosystem and also in conformity with one of the Millennium Development Goals (MDGs).”

According to him, the products are of high quality and can be compared to international standards because the company does not compromise on quality in its production process.

“The company has come to stay in Lagos and ready to fill the gap since the bulk of the pencils used in Nigeria at the moment are imported from overseas.

“Nigerians should endeavour to develop Nigeria and not otherwise so that this great country can also be a producing nation and not a consuming one.

“The importance of manufacturing companies in a nation cannot be over emphasised,” he said.

The BRIC boss said he had been on the project for the past two years, adding that the company was able to commence as planned due to his commitments.

“The company is technology driven, customer experienced, high quality designed and creative and thus has given us an edge in customisation since we are based in the country.

“We will focus on the Nigerian customers such as primary schools, secondary schools, corporate bodies and government establishments.

“We will also explore other West African markets because of the ample of opportunities that can be found in the sub-region.”

The entrepreneur said that the company’s production capacity stood at 390,000 pieces per month now, but he was optimistic to double the figure when funds were available.

He also said the investment profile of the company was over N40 million, adding that Bank of Industry (BoI) availed the company of a loan as well as sourced funds from family members and friends.

He said the funds were used to procure machines, while lots of funds also went into research and development. Ibrahim said the company had employed production and support staff of 15 and planned to increase this capacity.

“We planned to employ 450 Nigerians after our expansion drive and we can replicate that initiative in three regions which are Abuja, Port Harcourt and Kaduna.

He said the vision of BRIC was to be the number one technologically driven pencil manufacturing company in the country with strong Africa presence.

Ibrahim said the company aimed to be ranked as first Nigerian pencil production company in the next five years. “We plan to be a reference point for pencil production in West Africa and become the employer of choice in Nigeria.

“We also planned to have International Standard Organisation (ISO) certification and move the company to a permanent site.

” We are also working towards engaging in backward integration for our raw materials, increase our brand awareness, embark on expansion and approach the stock market, amongst others,” he said.

Ibrahim expressed gratitude to the management and staff of BOI for the support so far.

He said funds and electricity remained a serious challenge confronting the company, adding that the company was practically running on generators.

In his remarks, the State Manager of Bank of Industry, Mr Emmanuel Egbuta, said the BoI board was happy for the creativity, tenacity exhibited by the founder of the company.

According to him, BRIC has given BOI optimism and promised that BoI would sell BRIC to Nigerians and the outside world.

“We will continue to support BRIC in all ramifications,” he said.

The Lead Consultant of Prinsult Global, Mrs Raliat Oyetunde, who packaged BRIC for BoI, said that BRIC was indeed a success story and that she was very happy to be part of that story.

She advised BRIC to also manufacture other allied products that would add value to the nation.

The Chairman of the company, Dr Nosike Agokei, said he did not hesitate to accept Ibrahim offer when he was approached to be the company’s chairman.

According to Agokei, “l accepted to serve because of the track record of Ibrahim over the years. I promise to support the company morally and otherwise in order to move the company to the next level.

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