Home Features Shangai Industries In Imo Commissioned By Mines And Steel Minister

Shangai Industries In Imo Commissioned By Mines And Steel Minister

The Minister (state) for Mines and Steel, Dr Uche Ogar has said that the country can only become self-reliant through the local production and manufacturing of what is consumed in the country.
This is just as he has tasked other businessmen in the Diaspora to emulate Mr. Festus Mbisiogu , Chairman of Shanghai Engineering works and Industrial limited for establishing a multi-million Naria factory in Ubomiri, Mbaitoli council area of Imo state , which would not only save the country foreign currency in the importation of building materials but would create employment for the teeming youths of the state.

Ogar who stated this at the weekend while commissioning the multi-million naira factory pointed out what the Chinese based businessman has done is in tandem with the Federal Government’s policy in achieving self-reliance through the local production and manufacturing of what is consumed in the country.

” Festus Mbisiogu has done the needful by doing what he has done by establishing this multi million naira building materials factory in this Ubomiri community. This industrial milestone is good for the community and Imo state which is in tandem with the policy of the present administration. This factory which will be producing quality building materials will not only save the country foreign currency but will also create employment for the teeming youths of the state.

We, therefore task other businessmen in the Diaspora to emulate what Festus Mbisiogu has done where today because that is the only way we as a country can achieve self reliance and conserve foreign currency for the nation “.

Earlier, Mbisiogu said  that Shanghai Engineering works and Industrial limited will bridge the gap of  importation of building materials and allied products from China to Nigeria.

According to him, ” it is pertinent to note that about 65 percent of Nigerian businessmen which is even on steady increase have been shuttling between China and Nigeria to import goods and items that we could manufacture and produce locally. As a result, a result the country is not only losing huge foreign currency in form capital flight but also on employment opportunities. My main purpose of establishing this factory is to mitigate this situation. At least three hundred persons will be directly employed in this factory ” .

However, he has called on the federal government to established what he called Diaspora industrial zone with the necessary infrastructure and to be managed those from the Diaspora to encourage them to bring back home.

” I want the federal government to create a Diaspora industrial zone with the necessary infrastructure and to be managed by those from the Diaspora as a way of encouraging them to invest in the country because that was how the Chinese brought back most of their citizens who invested overseas and today they are better of “.

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