• Thursday, March 28, 2024
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SMEs suffer losses as fire guts factories in Ibadan

Lagos records 39 fire incidents in the first week of 2020

Goods worth millions of naira have been destroyed by a late night fire disaster which engulfed the old business hub in Ibadan, Oyo State.

The hub is believed to have about the highest concentration of Small and Medium Scale Enterprises (SMEs) in Ibadan.

The inferno which started at the midnight on Saturday, December 14, destroyed many factories involved in nylon and plastic production around Oni Memorial Hospital, off Bashorun MKO Abiola Way, Ibadan.

Read also: AfDB to make Oyo Agro-Processing Zone says Makinde

The incident was said to have been triggered from an electric pole when the Ibadan Electricity Distribution Company (IBEDC) restored supply to the area. It was gathered that not less than 15 production factories, over 60 machines, raw materials and finished goods ready for delivery were all destroyed.

Machinery and raw materials burnt included cutting machine, extruder, injection, punching machine, printing machine, grinding, recycling and pellet machine.

Business owners and workers were counting their loses when Cityfile visited on Monday.  While some could not control their emotions, as they wept profusely. The owners, mostly young university graduates, among other entrepreneurs operating in the hub, were said have relied on series of loan schemes to open their various businesses.