By Adaeze Okechukwu
The Nigerian Export Import (NEXIM) Bank and the House of Representatives Committee on Banking and Currency has restated plans to resuscitate the moribund Multi-Tex Integrated Plc, a cocoa manufacturing and processing company.“The Managing Director, NEXIM Bank, Mr Abba Bello, stated this during the tour of Multi-Trex facilities by members of the House of Representatives Committee on Banking and Currency and the management of Multi-Trex in Ogun State, Last week Friday.
Bello maintained that that the problem the company experienced last six“years led to its closure and assured that the bank will through the Export Stimulation Facility bring back the cocoa processing company to full production activity.
He said: “I’m always delighted to be here because cocoa as you all know is the largest non-oil export commodity from Nigeria. However, for us we believe despite the fact that cocoa commands such large percentage of our non-oil export, we believe that we can earn more from it and the way to earn more from has been the driving that both the Central Bank and NEXIM have brought into non-oil export.
“But the problem that company went through in the last six years led to its closure and it is our determination under the current Export Stimulation Facility to bring back the processing plant back to life.““And we have already gone very far with Multi-Trex on what we need to do bring the company back to production. Now, we’ve mentioned severally what the benefits the value additions are. It will create jobs by adding value along the value chain of any commodity.”
He also stressed the importance of products contributing to the value chain before they are exported.
“The importance of value addition cannot be overemphasized. Jobs are created by adding value along the value chain of any commodity. When we export cocoa in its raw form or semi-processed form, we export jobs along with commodity.
“Multi-Trex would create 1000 directs jobs and would add more value to people of the host community through indirect jobs that would be created when the company starts production again.“ “NEXIM is here to strongly support companies like this. Once the terms with AMCON have been reached, we are surely behind this initiative to bring back the company to production. Incidentally, at some point in the life of this manufacturing outfit NEXIM was involved and we intend to come back in our strongest form and ensure that we start earning what we deserve from cocoa production in Nigeria.”
Speaking on the sidelines of the tour, the Chairman, House Committee on Banking and Currency, Hon. Jones Onyereri, expressed that the private sector contribution to the GDP is unimpressive and that there is need to incentivize the private sector in order to foster the desired economic growth.
“Over the last six years, the committee had been on the drive to encourage the private sector as the major driver of the national economy. Nigeria prides herself as the largest economy in Africa whereas private sectors’ contribution to country’s GDP was next to nothing,” he said.
Onyerere expressed “Having visited Multi-Trex and with all that we’ve seen this afternoon, I think we’re very much encouraged. Because it’s obvious that the facility was used very well but, in the bid to expand with the prevailing economic circumstances, the company ran into problems. It’s understandable. Companies such as this should really be encouraged. We’re pushing as a parliament and will keep pushing to support these companies.