House, NEXIM Bank Task Firm on Job Creation, Quality
The House of Representatives Committee on Banking and Currency and the Nigerian Export Import Bank (NEXIM) have tasked the management of Albert Products Nigeria Limited to works towards delivering high quality products that are capable of competing favourably across the globe.
They also charged the firm to strive towards expanding its operations with a view to availing more Nigerians gainful employment
The Chairman, House Committee on Banking and Currency, Hon. Jones Chukwudi Onyeyiri and the Managing Director of NEXIM, Bashir Wali handed down the admonition when the committee was on an oversight visit to the Abuja office of Albert Products.Albert is a leading furniture manufacturer in Nigeria, with its products designed for offices, schools, hotels and households for domestic and export market.
NEXIM had granted a medium term facility to the company in July 2013 as well as July 2015 to finance the acquisition of equipment to facilitate the expansion of the firm’s factory in Lagos and the setting up of a furniture factory and showroom in Abuja.
Onyeriri expressed joy that NEXIM’s loan to the company was put into good use.
According to him, it was a refreshing development that the company’s workforce was made up of 90 per cent Nigerians, describing it as a remarkable proof that it operated in strict compliance with the federal government’s local content laws.
“We are here on oversight visit to agencies under our watch. Albert enjoys NEXIM’s facility. It’s huge so we needed to see if was properly used and to ensure Nigerians are getting value. “The production department is made up of Nigerians and most of them came from the immediate environment. They have been in operations for about 10 months.
“We are here to know their challenges and to ensure they can pay back the loan. So, we need to know if there are things that can hinder then from paying back the facility from NEXIM”, he said.
The Managing Director of NEXIM Bank, Wali, who also spoke, said the bank funded the company’s equipment acquisition and working capital.
“Albert has a second factory in Lagos. That was actually the first. We are ensuring they stick to the local content laws, build capacity, employ more people, produce more products and ensure they can compete internationally. “Right now, the company is exporting finished products within the West Africa sub-region. But they’re targeting Europe and other regions. It is a way of improving on non-oil earnings”, he said.
In his remarks, the Managing Director of Albert, Mageed Taan said the firm was created 45 years ago, adding that its target was to meet local needs and earn huge foreign exchange via exports.