By Ibrahim Ramalan
Abuja
The minister of industry, trade and investment, Olusegun Aganga has observed that investors’ confidence in the Nigerian economy is increasing even as he pointed that the level of investment into the economy in the past few years is encouraging ad shows that the economy is growing
Aganga made this observation at the occasion of commissioning the multi-million dollars Tempo Paper Pulp and Packaging facility, a subsidiary of Obasanjo Holdings Limited, in Ota, Ogun State, disclosed that the country presently has commitment from local and foreign investors, including the Dangote Group for $6 billion investment in petrochemical industry. He added that many automobile companies have expressed strong interest and readiness to come into the country to assemble vehicles.
He described the paper packaging facility as unique and the first of its kind in West Africa, noting that the investment was part of efforts by the government to reduce the importation of materials that could be produced locally.
Aganga stated that the investment would save the country about half a billion naira that goes into importation of packaging products annually, stressing that Nigeria should be able to boost intra-African trade through the establishment of more of these and other companies.
Tempo Paper Pulp and Packaging Limited manufactures bi-axially oriented polypropylene (BOPP) film that caters for the flexible packaging requirements of various industries in Nigeria and beyond and, according to the Federal Government, the establishment of this company will not only add value to the country, but also create jobs for Nigerians.
In his welcome address, Seun Obasanjo, the managing director of the company, had revealed that the journey to the establishment of the company was a long one starting from egg tray production with reasonable success, nylon bags, paper carton to cement woven bags and completed with ordinary woven bags.
“We decided that we could venture into BOPP which is the next higher level in packaging industry, with encouragement and necessary financing. We have never been pioneer in all other aspects of packaging that we have embarked upon. Going into BOPP as a pioneer in Nigeria and only surpassed by South Africa and Egypt, was an article of faith, courage and belief in Nigeria”, he said.
