Funlayo Okeowo, the Managing Director of FAE Limited, a prominent paper manufacturing firm, has shed light on Nigeria’s hefty expenditure of approximately $3 billion yearly on paper imports. Okeowo made this revelation during a recent press conference held in Lagos to commemorate the company’s 50th anniversary.
Advocating for governmental intervention to alleviate the challenges faced by manufacturers, Okeowo emphasized the pivotal role of manufacturing in fostering economic growth. She lamented the exorbitant operational costs, citing diesel expenses as a major burden, with 80 percent of profits being consumed by such overheads.
“Today, diesel is priced at about N1,700. How can we maintain profitability under such circumstances? Some manufacturers have been compelled to relocate outside the country due to these soaring operational costs. Hence, we urge the government to address these pressing issues,” Okeowo urged.
In celebration of FAE Limited’s 50th anniversary, Okeowo unveiled plans for the establishment of ‘World Envelopes Day,’ slated to be observed annually on April 16th. Describing this initiative as pioneering, she underscored FAE Limited’s commitment to its leadership role in the sector.
“The inception of World Envelopes Day aims to spotlight the significance of envelopes in various spheres of human activity, including personal correspondence, business transactions, and creative endeavors. It seeks to honor the cultural, historical, and practical importance of envelopes as a fundamental tool of communication and an indispensable facet of human existence,” Okeowo explained.
As part of the commemorative activities, FAE Limited will host a special roundtable event on April 16, 2024, featuring distinguished guests from diverse sectors such as finance, manufacturing, media, government, and diplomacy. Among the highlights will be a panel discussion led by key stakeholders reflecting on the past, present, and future trajectory of the paper manufacturing industry.
