Breaking News

Former Technology Minister Tasks entrepreneurs on diversification of business, lauds PMT

Immediate past Minister of Science and Technology, Dr. Ogbonnaya Onu, has challenged Nigerian entrepreneurs to emulate the industry and resourcefulness of Chief Samuel Maduka Onyishi, adding that he has grown the Peace Mass Transit into diverse, flourishing subsidiaries.

The Minister who spoke in Enugu during his visit to the corporate headquarters of PMT to inspect the expansion works going on at the Peace Petroleum Limited Factories said, his investments have grown Nigeria economy and created more jobs.

Speaking on the lubricants and chemicals produced by Peace Petroleum Limited Factories, Onu said: “We have many of the raw materials we import here in our country, all we need is to harness them.

“We thank the management of Peace Mass Transit for doing a great job which should be replicated all over the country”.

While urging investors to pull resources together from their areas of strength for ease of growth and survival, he expressed satisfaction that Peace Mass Transit Petroleum was on the part of transiting from a small scale to a medium with the potential to be a large scale business.

The Minister said Nigerian business should shift from mechanizing to manufacturing, to make the economy of the country strong.

He said: “We want a situation where many of the things imported into our country can be produced locally. This is the only way to make the naira strong”.

“In the future, the organized private sector should come into many startup companies and help them grow, promising that the government of President Mohammadu Buhari will support the Peace petroleum.”

Also speaking, the Vice Chairman of the Peace Group, Lady Emily Onyishi who represented the Chief Executive Officer, Dr. Sam Onyishi appealed to government to create enabling environment for businesses, particularly those into manufacturing to thrive.

The manufacturing sector, she said, has the potential, more than any other sector, to reduce unemployment and add value to the economy.

Lady Onyishi urged the minister to convey to the government the complaints of heavy burden faced by manufacturers especially with regards to  high taxes and insufficient and costly foreign exchange.

“Government should place high tariff on imported goods, as done in China, to encourage patronage of locally produced ones,” she said.

Oh his part, General Manager of Peace Petroleum, Joseph Odoh, who conducted the minister and his entourage round the various production lines of the factory, disclosed that the company has about 20 specialist products, out of which five had been patented, including Wood-cell-cure tiger brand; Wood-cell-cure-anti-termite; Wood-cell-cure-Nitrocellulose thinner and Wood-cell cure wood lacquer.

Most of the raw materials for the products are locally sourced, the GM said, while disclosing further that plans were at advanced stage for their full commercialization.

He said: “The company would wish to launch these products into Nigerian Market in the short term, while in the nearest future, they shall reach all African States.

“Peace Petroleum is one of the subsidiary firms in the Peace Group. Others are Peace Mass Transit( Transport) Peace Capital Market Ltd; Peace Microfinance Ltd; Peace Mass Logistics; Peace Press; Peace Motor Assembly Plant and PMT Beingin Trade co China Limited.


All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.