• Friday, December 08, 2023
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Why FG must restrict export of solid minerals, says MMNL CEO

Why FG must restrict export of solid minerals, says MMNL CEO

Amit Saraf, chief executive officer at Metal Manufacturing Nigeria Limited (MMNL) has called for stricter export regulations within the country with respect to the export of solid minerals in raw form.

Speaking at the recent annual Economic Community of West African States, (ECOWAS) manufacturing excellence and ECOWAS energy awards held in Lagos, Saraf said the proliferation of solid minerals for export is denying Nigeria’s huge capital.

“We are producing batteries with 95 percent local input, thereby creating thousands of direct and indirect employment opportunities, contributing to the country’s economy and saving the valuable foreign exchange reserve,” he said.

Read also:Is Nigeria’s solid minerals corporation the mining sector’s game-changer?

He added the rampant export of solid minerals like lead ore and lead ingots which are basic raw materials are affecting the nation’s economy. “The federal government needs to restrict the export of these solid minerals.”

Vikash Kumar, chief finance officer at MMNL, said the company has huge expansion plans with a vision to enable the country to become a net exporter of batteries and 100 percent importer.

“With the current level of operations, the company has already been able to reduce 20 percent to 30 percent of importation of tubular batteries in Nigeria.

Read also: Why Nigeria’s solid minerals sector is crawling

“Expansion plans of the company include, backward integration to mine and process lead ore, manufacturing of plastic components of the battery and chemicals used in the battery manufacturing,” he added.

The company received three awards such as the ECOWAS Inverter Battery Manufacturing Company of the Year, ECOWAS Inverter Battery Company of the Year and ECOWAS Renewable Company of the Year.

“As a prominent player in the manufacturing sector and being a tubular battery manufacturing industry; the awards are a testament to our revolutionary work and our leadership,” Ramesh Sharma, head of sales and marketing at Starplus, said.

Read also: FG in pact with PwC on solid minerals roadmap

“Particularly in the areas of quality of product, energy needs, innovation, and investment in the development of infrastructure to create shared value for our stakeholders and communities,” he added.

The annual award is aimed at celebrating outstanding individuals and organisations in the manufacturing industry that have demonstrated innovation excellence across their operations and have made remarkable contributions to the growth of the local economy.