- We will continue to support BRIC– BOI
“WE use old newspapers for the production of our pencils in order to preserve the eco system and also in conformity with one of the Social Development Goals (SDGs).”
Mr Muideen Ibrahim, Chief Executive Officer of BAMIB Resources and Investments Company Ltd.,(BRIC) disclosed this during the inauguration and production commencement of indigenous pencil manufacturing in Lagos.
According to him, having a single digit interest rate will help to support companies in actualizing
According to him, the products are of high quality which can be compared to international standard because the company does not compromise quality in the production processes.
“The company has come to stay in Lagos and ready to fill the gap since the bulk of the pencils used in Nigeria at the moment are imported from overseas.
The BRIC boss said that he had been on the project for the past two years, adding that the company was able to commence as planned to commitments.
“The company is technology driven, customer experienced, and high quality designed and creative and thus has given us an edge in customisation since we are based in the country.
“We will focus on the Nigerian customers such as primary schools, secondary schools, corporate bodies and government establishments.
“We will also explore other West Africa markets because of the ample opportunities that can be found in the sub region,” Ibrahim added.
Production capacity/ Investment Costs
He said that the production capacity at the moment stood at 390,000 pieces per month and hopes to double its figure when funds were available.
He also said the investment profile of the company was over N40 million, adding that Bank of Industry (BoI) availed the company a loan as well as funds from families and friends.
He said that the funds were used to procure machines, while lots of funds also went into Research and Development.
Ibrahim said that the company has employed production and support staff of fifteen, and planned to increase its capacity “We planned to employ 450 Nigerians after our expansion drive and we can replicate that initiative in three regions which are Abuja, Port Harcourt and Kaduna.
He said that the vision of BRIC was to be the number one technologically driven pencil manufacturing company in the country with strong Africa presence.
Ibrahim added that the company targets to be ranked first in Nigeria pencil production in the next five years.
“We plan to be a reference point for pencil production in West Africa and become the employer of choice in Nigeria. We also planned to have International Standard Organization (ISO) certification and move the company to permanent site.
Bank of Industry
In his remarks, the State Manager, Bank of Industry, Mr. Emmanuel Egbuta said that BRIC was able to roll out and that the board was happy for the creativity, tenacity exhibited by the founder of the company.
According to him, BRIC has given BOI hope and BOI will sell BRIC to Nigerians and the outside world. We will continue to support BRIC in all ramifications.
The Lead Consultant of Prinsult Global, Mrs. Raliat Oyetunde who packaged BRIC for BoI said that BRIC was indeed a success story and that she was very happy to be part of that story.
She encouraged BRIC to also manufacture other allied products that would add value to the nation.