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Mbisiogu to entrepreneurs: Only industrialisation’ll fix foreign exchange challenges

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…Urges investors to emulate Innoson,  Chickason, Maduka,  others

By Precious Onwochei

Chairman of Shanghai Engineering Works and Industrial Limited, Mr. Festus Mbisiogu,  yesterday,  called on industrialists in Nigeria to emulate the founder of Innoson Motors,  Mr. Innocent Chukwuma, saying industrialization is key to having a stable foreign exchange earner.

He also commended the Innoson boss, founder of Coscharis Motors,  Chief Vincent Maduka,  and Chairman of Chickason Group of Companies,  Mr. Alexander Okafor for creating jobs through their numerous industries.

Mbisiogu,  who is also the Chairman of Blue Diamond Logistics,  said entrepreneurs should prioritise the need to invest in the country so as to reduce dependence on importation and earn foreign for the country.

He said these when he paid a courtesy visit to Innoson in Nnewi,  Anambra State.

Mbisiogu,  particularly hailed his host for siting his automobile industry in the country irrespective of challenges industrialists face in Nigeria.

He further called on the Federal Government to create the enablers needed for industries to flourish in the country.

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According to him,  ” Innoson is my bosom  friend and also my mentor. He is one industrialist I have tremendous respect for. His feats in business are worthy of emulation. We have all seen how he has created jobs for the teeming youths of this country,  thereby taking many out of the streets. That is what I want every industrialist to do because our strength as a nation lies in our potentials, which should be optimized.

“His decision to produce in the country if replicated by many industrialists,   will reduce importation and high demand for foreign exchange. What leads to the high demand for foreign exchange we now experience in the country is our reliance on imported goods. Innoson is not alone on this path,  people like Chicason,  Ibeto and Coscharis,  who have invested so much deserve praises. I urge other  Igbo industrialists to emulate their exmplary feats in business. ”

Shanghai Engineering Works and Industrial Limited is a one-stop-shop for building materials and a leading construction company in Nigeria.”

The company is into the production of corrugated aluminium coils, block bricks, interlocking stones and production of all kinds of security doors.

With an operational branch in China, the factory is designed to connect and partner with diverse contractors across the Asian construction industry and like-minded organisations in Nigeria.

The company is also into the production of PVC pipes, Electrical pipes, Bore-hole pipes and PVC ceiling and production of window profiles among others.”

Vanguard News Nigeria

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