The Managing Director of paper manufacturing firm, FAE Limited, Funlayo Okeowo, has said that Nigeria spends about $3bn on paper importation annually.
She stated this at a press conference held recently in Lagos to mark the company’s 50th anniversary.
She urged the government to make deliberate efforts towards addressing the challenges faced by manufacturers.
Okeowo said, “According to available research, we spend about $3bn on paper importation. We want the government to do more because manufacturing is the bedrock of every economy. It is frustrating that 80 per cent of our profit goes into diesel.
“Today, diesel sells for about N1,700. How can we be profitable? We have some manufacturers that have already left the country because of operating costs. So, we need the government to look into this.”
On the company’s 50th anniversary, Okeowo said FAE Limited had perfected plans for the establishment of ‘World Envelopes Day’ to be celebrated annually on April 16.
She added, “This is a pioneering initiative by FAE Limited, in accordance with our leadership position in the sector.
“The establishment of World Envelopes Day is to raise awareness about the importance of envelopes in various aspects of human endeavour, including personal correspondence, business transactions, and creative expressions.
“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.”
The FAE CEO stated that the company would organise a special roundtable event on April 16, 2024, featuring guests from a broad range of sectors, including finance, manufacturing, media, government and the diplomatic sector.
According to Okeowo, one of the key highlights would be a panel of key stakeholders discussing the past, the present and the future of the paper manufacturing sector.
