Market News

Insecurity, High Forex Limit Expansion Of Businesses In Nigeria - Owolabi - NIGERIAN TRIBUNE

NOVEMBER 29, 2022

In as much as business owners will like to expand to every part of Nigeria, Managing Director and Chief Executive Officer, Black Pelican Group, Mr. Michael Owolabi, said that the issues of insecurity, volatile forex, high inflation and interest rates have become the limiting factors.

If all of these issues could be resolved, owolabi said he’s prepared to expand his building materials and wellness businesses to, at least, six geopolitical zones of the country.

Speaking during the unveiling of of the multi- billion naira Technogym  and IL Bagno’s Mirage showroom office in Victoria Island, Lagos, he said that high cost of forex was a big issue for businesses in the country.

He said:’ “High forex is a big problem for business. It means that you can’t be sure of today and tomorrow’s prices; it means that purchasing power continue to decline. It is an essential thereat to most businesses.”

To encourage production of building materials in Nigeria, he suggested that the government should give manufacturers incentives.

Besides, he said it would require stable government and sustainable policies.

“Government’s policies sometime are not consistent. Some are consistent but not sustainable. Government should give waivers. If government applies incentive even to importing system, a lot of people we get into manufacturing,” he said.

IL Bagno is a subsidiary of The Black Pelican Group and the leading total interior solutions company in Nigeria, for the world’s leading manufacturers of sanitary fittings, kitchen, tiles, doors, and other interior solutions.

The ultra-modern design centre exclusively houses tiles and fittings from Mirage, an Italian company which has been developing, designing and manufacturing porcelain stoneware for wall and floor coverings intended for commercial, public, and residential use for 49 years.

Commenting on the newly launched design centre, Owolabi said he was extremely proud with the opening of the Mirage Project point located in Aboyade Cole, Victoria Island staffed by competent, enthusiastic people.

According to him, the space has been designed in a way that ensures that industry players could conveniently come in and have access to experts that will put them through on their projects.

“The opening of the new centre strengthens our partnership with Mirage, a solid, widely recognised, 100 per cent Italian manufacturer of ceramic surfaces. As of today, we will be able to provide an even more comprehensive, effective service to design engineers, at all stages of the process”, He added.


This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics