Minister seeks economy’s boost, commissions Tempo packaging facility

IMPRESSED with the level of investment undertaken by a fast growing firm, Tempo Paper Pulp and Packaging Limited, the Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, has called on all business men and women in the country to engage in activities that would boost the nation’s economy.

Speaking during the commissioning of the packaging industry newly built facility in Ota, Ogun State, Aganga, who said he was impressed with the level of investment the firm, a subsidiary of Obasanjo Holding Limited had made, asked for more investments into the economy.
According to him, in the last few years, the present administration had put in place some measures and policies that have increased the confidence of investors in the Nigerian economy, adding that, economically, Nigeria was doing much better now.

  Aganga 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 hoped 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.

  Earlier 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.

He explained that they began with seeking 85 percent loan funding from Commerz Bank of Germany guaranteed by the Zenith Bank of Nigeria which was fairly well settled without much hitch.

Culled from http://www.ngrguardiannews.com/business