JONES Onyereri, chairman, House of Representatives Committee on Banking and Currency, has commended the management of Alibert Products Nigeria, for effective use of credit facility extended to it from the Nigeria Export Import Bank, NEXIM, apart fr, om adhering to the local content initiatives and employment generation.

Onyereri gave the commendation while on an oversight duties of the committee to the factory located at Idu industrial estate, Abuja. He expressed happiness with the firm in engaging the locals in employment , apart from reducing youth restiveness. He noted that with the rate at which the company is going, the loan facility granted it by NEXIM would soon be repaid.

“We are impressed for what we have seen; it gives us the assurance that indeed this facility will be paid back and that we are also getting value in terms of local content”, he said.

“One, in terms of human capacity, because you can see from the testimony they (company) have given that they engage people from the immediate community. “The company engages them and trains them; it has added double value because once they leave here they can stand on their own.

“You know in Nigeria, once one person is properly fed, you are invariably feeding 10 other family members; so for me, that makes sense.

“Then look at the number of people that they have employed within a short period, that means that as they keep expanding, they will employ more people.”

He further said that government was tilting towards the non-oil sector as it was the area where export proceeds would accrue to the country .

Because of the strain in current strain on Forex, he said the committee would ensure that the company was able to access foreign exchange to enhance its business and profitability.

He said the oversight visit was to verify that the facility received by the firm was utilised.

Earlier at the visit, Bashir Wali, managing director, of NEXIM, said the bank was equally funding the equipment financing and working capital of the company.

“Alibert has stated they operate with a 90 percent local manpower content and the strategy is to build capacity at the local level.

“It is meant to employ people within the immediate environment to ensure that people are gainfully employed.

“It is also to ensure that products and skills gathered here will end the production of qualitative product which will compete with any other product all over the world.

“This is the type of intervention that we believe will not only generate employment but will also improve upon the non-oil foreign exchange earnings of our country.

“We will urge all other entrepreneurs to follow this example, we are here to give support to those who are in need and those who will produce qualitative products and market them effectively.”

In his address to the committee, Maged Taan, chairman of Alibert, said the company had a mandate of ensuring production that would satisfy the needs of Nigerian and also for export.

According to him, the company is currently exports to Republic of Benin, Ghana, Ivory Coast, Senegal and Mali and it plans to start exporting to New York.

“We hope to increase our employment to another 50 per cent before the end of 2017.’’

On the companies challenges, he said there was the problem of Nigerians preferring foreign products to that produced in the country, which had reduced its sales. He further said there was a problem of accessing foreign exchange and power supply.

Recall that the company was granted a medium term facility by NEXIM bank in July 2013 and 2015 to finance the acquisition of equipment to facilitate the expansion of the company.

Alibert Products Nigeria Limited is a leading furniture manufacturer in Nigeria the company was incorporated on August 14, 1974, with RC Number 13464 to carry on the business of manufacturing of woods, steel and metal furniture.

The Company which has been in the furniture business for over 35 years was initially producing floor tiles before venturing into the furniture market.

The company’s products are office, schools, hotels and household furniture for the domestic and export market. The Head Office and factory is located at 1-5 Isolo Road, Ikotun-Egbe, Lagos State. The Company has also established a factory in Idu Industrial Complex, Abuja. The Company was granted a Medium Term Facility by NEXIM Bank in July 2013(N400.0 Million MTDLF) and a Medium Term Facility in July 2015( N800.0 Million MTDLF) to finance the acquisition of equipment to facilitate the expansion of the Company’s factory In Lagos and the setting up of a furniture factory and showroom in Abuja. — Economic Confidential

— Apr 6, 2017 @ 2:46 GMT

|