Nigeria Spends Over N750b on Pencil Importation

• Nigeria Spends Over N750b on Pencil Importation

The Minister of Science and Technology, Dr. Ogbonnaya Onu, on Monday, said the Federal Government spent over N750 billion to import pencils into the country yearly.

Onu, who played host to Muideen Ibrahim, the Managing Director and Chief Executive Officer, BAMIB Resources and Investment Company Ltd, assured his guest of government readiness to support indigenous pencil manufacturing companies.

He said: “I felt a country like Nigeria should be able to produce pencil to meet its local need and even export so I directed the Project Development Agency (PRODA) to conduct a research on pencil.

“I am happy that PRODA is working hard to deliver, we produce now pencil locally.

“I am also happy that your company has decided to invest in pencil production.

“I will encourage you to continue to do research that will give you better ways to compete anywhere in the world.

“We will make the findings of research we do here available for you if you can see any information that will make you improve on your production,” he said.

Speaking on his Pencil Project, Ibrahim said he was motivated to venture into the business in 2018 after the minister assurance.

The managing director said his company became the first pencil manufacturing company in Lagos and second in Nigeria when it rolled out its pencils on August 1, 2018.

He also explained that the company’s manufacturing process and production are standard, adding that the pencils are stronger than imported pencils.

“Look at it; it does not break like the ones that are imported and it is heavier as well, it can also be customised for organisations and people.

“The production is environmentally friendly because we use old newspaper to produce it, so we are calling on people to give us their old newspapers, we will turn them into wealth,“ he said.

Ibrahim, however, urged the minister to implore Central Bank of Nigeria (CBN) and the Federal Government to provide N500 billion Special Intervention Fund to manufacturers of the product.

“We urge you to make special intervention fund with at least three per cent interest rate available to pencil manufacturers as similar intervention was done in the agricultural sector.

“We appeal to you to give the company a letter of Introduction to the Ministry of Education, Universal Basic Education Commission and State Governments.

“We need to showcase the pencils for them, so that they can buy our pencils and then distribute them to schools.”