BAMIB Resources and Investments Company Limited has asked the Federal Government of Nigeria to invest in and support the manufacturing of Made-in-Nigeria pencils.
According to Punch sources, the Chief Executive Officer of BAMIB, Mr Muideen Ibrahim, the production of homemade pencils would save the country hard-earned foreign exchange to the tune of $2.4 billion. He also said the Federal Government should ban the importation of products which could be easily produced here in Nigeria.
Mr Ibrahim, while speaking on the benefits of discouraging importation of pencils and the support of the Federal Government, said with the above in place, the Nigerian pencils industry would contribute massively to the growth of the country’s Gross Domestic Product (GDP) and reduce unemployment among people within the labour population.
“There are a lot of multiplier effects we shall give the country, some of which are backward integration of our major raw materials and basic components and massive employment opportunities and contribution to the gross domestic product (GDP). It will also aid strategic investments in other sectors and boost foreign direct investments, among others,” he said.
Meanwhile, Ibrahim reportedly urged the Federal Government to move swiftly to save the pencil industry as government’s support is crucial for the survival of the industry. He asked for the enforcement of Executive Order 3 and Executive Order 5 to the letter for effective patronage of local products.
“Not only that, the government must walk the talk on ease of doing business. This is one of the ways to help local manufacturers. Aside from that, there must be aggressive promotions on patriotism.”
However, Mr Ibrahim said even though BAMIB’s production capacity was in excess of 450 million pencils yearly, the company had not broken even and could not even meet its financial obligations as at when due because of many challenges faced by the manufacturer.