• Monday, April 22, 2024
businessday logo


Firm seeks FG’s intervention in FX, power as manufacturers groan


As ease of doing business in Nigeria continues to diminish and manufacturers groan under the burden of rising costs, Vava Furniture says it wants the federal government’s intervention to enable the manufacturers to have easy access to foreign exchange and power for their operations.

Animasaun Olusegun, the company’s chief finance officer (CFO), says that granting the industry easy access to FX and providing steady power supply will help the growth of that sector of the economy.

“If the government can give us that same window to access FX easily like the people bringing in petroleum products in the country, it will go a long way in helping our industry,” said the CFO who spoke at the unveiling of Alex Ekubo, a Nollywood actor, as the company’s brand ambassador.

“The government should also improve on power which is a major concern for every manufacturer, particularly in our industry. We will appreciate such intervention,” Olusegun stressed.

He revealed that Vava Furniture started exporting to the US market in a bid to generate FX which could enable the company to source for raw materials abroad.

“That is one of the strategies we have adopted. We established a company in the US where we export our goods and services and, by so doing, generate FX which we use to bring in raw materials for manufacturing,” he said.

Speaking on the brand ambassador deal with Ekubo, the CFO explained that the movie star, through his qualifications, influence and upright personality, proved worthy and outstanding to deliver the ambassadorial duties effectively, pushing Vava to the next level.

Read also: Manufacturers defy economic woes as investments up 24% in H1

He explained that Vava Furniture, as a company, was established about 10 years ago with the aim of bringing some uniqueness to the furniture industry, giving customers a unique experience in furnishing.

He added that the company currently has the largest branch network in Nigeria with over 16 branches and remained the only furniture manufacturing company exporting to the US.

“We felt the need to bring in a brand ambassador. Ekubo is one of the finest Nollywood actors and somebody we know that knows his onions; he has reputation and is someone we believe will take the brand to the next level in the coming years,” Olusegun added.