Why Nigeria should locally produce pencils

An entrepreneur, Mr Muideen Ibrahim, says locally-produced pencils will save the country over $2.4 billion (N734.4 billion) if encouraged and supported by the Federal Government with enabling policies.

Ibrahim, the Chief Executive Officer, BAMIB Resources and Investment Company Ltd., made this known in an interview with the News Agency of Nigeria (NAN) in Lagos on Monday.

Ibrahim explained that it was important for the government to discourage importation of goods and services that could be produced in the country.

The manufacturer called on the government to support indigenous pencil companies to prevent importation of the product.

According to him, if we are supported and encouraged, it will save the government about $2.4 billion on the importation of pencils annually.

He commended the Bank of Industry (BOI) for always supporting manufacturers, saying that more still needed to be done.

Ibrahim urged the government to create infrastructure facilities such as good roads and power, saying that many manufacturers used generating sets due to the erratic power supply.