The Managing DirectorÂ of Cooks Investment Limited (CIL), Mrs. Stella Oyelola, has called on the Federal Government to fast track all efforts to stablise the nationâ€™s power sector, adding â€œ most small scale industries are folding up because of the state of power supply in Nigeria. He lamented that the problem of power supply has escalated running cost of everything in the business world.â€
Speaking at the official opening of CIL Fountain Show Room in Lagos, Oyelola who spoke on the impact of the current Global Economic meltdown on small scale industries said the power situation is terribly raving havoc on small companies in the country as many of them run on generatorsÂ 24 hours in a week orÂ months.
â€œWe are sitting in here now without electricity. If government should help with electricity, even the artisans will be gainfully employed.
The running cost of everything is really crazy. Whether, we like it or not this country is a very good country. The business environment will really be good.â€
To cushion the effect of the financial meltdown, Oyelola recommended that companies should acquaint themselves with instalmental payment of loans. â€œWe are encouraging instalmental payments.
Like most banks now, you keep in your 20 per cent contribution. But in our own case, we give you a schedule like what is convenient for you. We give you three or six months and one year. We do not ask for 20 per cent.
We give you a schedule of what you are going to pay. If you do not have a guarantor, you keep a product with us until you complete the payment, which is quiet convenient for anyone.
On the official opening of the show room, she explained that would only deal on Haier Thermocol PZ products (HPZ). Explaining that their products have been tested for over 35 years in the Nigerian market, she said some of the products to be marketed and distributed by Fountain Show room includes; air conditioner, fridges, kettles, fans, generators of all sizes (both petrol and diesel), motorcycles, jeeps amongst others