• Tuesday, April 16, 2024
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Manufacturer seeks FG’s support to revive ailing paper industry

Manufacturer seeks FG’s support to revive ailing paper industry

…calls for special FX window, single digit interest rate

Funlayo Bakare – Okeowo, managing director and chief executive officer, FAE Limited, has called on the federal government to do more to support paper manufacturers in the country.

Okeowo made this call at a press conference held as part of activities to mark FAE Limited’s 50th anniversary in Lagos and the establishment of the World Envelopes Day.

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She said that the government needs to be intentional about growing the manufacturing industry, adding the country must give priority to the sector if it truly wants to industrialized and grow its economy.

The envelope manufacturer called on the government to create a special FX window for manufacturers so they can easily access the dollars they need to import critical raw materials, machineries and spare parts.

Also, she urged the government to provide single digit loans for manufacturers to enable them survive the country difficult operating environment.

Speaking on paper industry, she noted that the subsector has the potential to grow the Nigerian economy and create the kind of jobs the economy requires when adequately supported to thrive.

She added that the paper industry is a solution to strengthening the naira as Nigeria has the required manpower and raw material to produce the paper that West Africa and Africa needs.

Speaking on FAE Limited 50 years anniversary, she says through its unwavering commitment to innovation, technology and design, it has remained relevant for 50 years.

“Our journey has been one of innovation, resilience, and unwavering commitment to excellence,” she said.

“We have traversed and navigated through the ever- changing socio-economic landscape of the past five decades, weathered storms, ridden the heights and remained resolutely committed to our core values and principles as a company,” she noted.

She stated that as the company celebrates its golden jubilee, it is reflecting on the countless envelopes that have carried messages of security, love, business and personal significance.

According to her, envelopes are not just paper and glue, they encapsulates stories, emotions and the essence of human connection.

She added that in celebrating its past and embracing the future, FAE Ltd remains committed to sustainable practices, noting that the company will be launching initiatives aimed at reducing it’s carbon footprint, promoting recycling and exploring eco-friendly materials.

The paper manufacturer also announced the establishment of the World Envelopes Day which is scheduled to be celebrated annually on April 16th.

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She said the initiative was pioneered by FAE Ltd in accordance with its leadership position in the sector, noting that the day is to raise about the importance of envelopes in various aspect of human endeavour.

“This initiative aims to celebrate the cultural, historical and practical significance of envelopes as a means of communication and an integral aspect of our human existence.”

“It will serve as a global platform to highlight the significance of envelopes in communication, track the evolution of envelope designs and highlight the environmental sustainability initiatives in envelope manufacturing.”

With a distribution network that extends to several African countries including; Ghana, Cameroon, Benin, Liberia, Togo, Mali, Senegal, Guinea, Niger Republic, Burkina Faso, Sierra Leonne, Cote D’ivoire, The Gambia, Mauritania, Chad, Central African Republic, Equatorial Guinea, Guinea Bissau amongst others, FAE Ltd boasts of being the largest envelope manufacturer, making over one million envelopes daily.