Monday, March 27, 2023
HomeEconomyHigh Currency Rates, Insecurity Restricts Business Expansion In Nigeria—Owolabi.

High Currency Rates, Insecurity Restricts Business Expansion In Nigeria—Owolabi.

Published on

As much as business owners would like to grow their operations throughout Nigeria, according to Mr. Michael Owolabi, Managing Director and Chief Executive Officer of Black Pelican Group, security concerns, unstable currency markets, rising inflation, and interest rates have become impediments.

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.

Mirage has collaborated with more than 160 countries around the world. IL Bagno is its sole partner in Nigeria,” he said.

On why introducing Technogym to the Nigeria’s market, he said: “Nigeria is a stressful country.

“Nigerians are stressed-up people and Technogym is a wellness company, so we felt that we are selling tile, bath, kitchens and things, perhaps, we want to bring wellness into the life of our customers who are usually the top executives.

“They also need the solution that technogym provides. COVID already showed most people the importance of fitness and wellness. Like the people who died were the people who were overweight, sick. So, I cannot overstate the importance of wellness.”

Latest articles

Community Petitions Akeredolu Over Life-Threatening Estate Planning Disruption

There’s ongoing palpable tension at behind Ondo State Printing Press, Alagbaka, Akure as...

Leveraging Africa’s free trade zones for economic growth

Free trade zones (FTZs) have been established across Africa since the 1980s to encourage...

5 Most Attractive Property Destinations In Kano

Kano State, as the commercial nerve centre and most populous state in Northern Nigeria,...

Arrest poverty, rebuild a Nigeria that works

As President Muhammadu Buhari approaches the end of his tenure, he as well as...

More like this

Leveraging Africa’s free trade zones for economic growth

Free trade zones (FTZs) have been established across Africa since the 1980s to encourage...

Danger looms in Lagos, 349 buildings in distress, Govt reveals

Danger looms in Lagos As part of the effort to check incessant building collapse...

DSS Warns Politicians Planning Anarchy

The Department Of State Services (DSS) has alerted over plans by some desperate politicians...