Gripping, Riveting, Chilling & Totally Saddening …Emzor Boss Stella Okoli Paints Gloomy Picture Of The Manufacturing Sector But Insists “The Future Is Very Bright”

It was gripping, riveting, chilling and totally saddening. That was the description of the story as told by Emzor boss, Stella Okoli.

The narrative by the founder and Chief Executive Officer of Emzor Pharmaceutical details the challenges of the manufacturing sector, especially the Pharmaceutical manufacturers group in this period of telling economic issues.

And if there is anybody with proper grasp of the issues at stake, it is Okoli.

Outside of being a very strong canvasser for the interest of the Manufacturing sector, she is a huge stake holder who served as Chairman of the Pharmaceutical Manufacturers Group and the Manufacturers Association of Nigeria.

In a recent chat with societynowng.com the Emzor boss painted the dire situation of the sector while ironically remaining up beat things would eventually turn out well.

According to revelations made during the insightful engagement, the situation is so bad that companies are collapsing in multiple folds and those who aren’t are reducing operational costs with reduction in operational hours and job cuts.

And the government policies and posture aren’t helping the situation.

Access to foreign exchange is killing according to information made available to societynwng.com.

‘’those who bid at prices above the fixed rate of N280 per dollar get approval for immediate access while others who made bids at official rates are given forwarded approvals that would mature in a month, two, four or six months time’’ she stated and explained the way it really works.

‘’they would take your money and you will have to wait for a month, two, four or six months depending on the time you are given before you can get your dollars..all those period you can’t make use of your money and interest on loans taken to bid continue to rise’’

Added revelations by the Emzor boss reveals issues militating against accessing intervention funds

‘’the conditions are too much, collateral this, collateral that..the same thing with the Import Credit Facility, which ought to serve as a short loan…the conditions are attached makes it inaccessible’’

Perhaps the most astounding revelation is the disclosure that the federal government owe some pharmaceutical companies billions of naira and is refusing to pay, even as companies continue to shut down.

The government is said to have contracted the companies to develop drugs and has refused to honour terms of engagements after the companies fulfilled their parts with loan facilities here and there.

‘’we have done several meetings with them…they said they have approved it but they have no released the money since’’ Okoli asserted.
The money at stake is said to be huge and would be a game changer for those affected once released.

Societynowng.com learnt another area the government is hurting the manufacturing sector is the issue of tariff that places tax on raw materials imported into the country to be used for production but allows the finish products of competitors to come in free of charge.

And to compound the whole issue, the manufacturers associations is said to have severally attempted to make decision makers in government circle understand the implication of their policies to no avail
‘’We have held severally meetings but no positive response’’ Okoli stated

But in the face of all these gloom, Okoli still declares ‘’the future is very very bright’’

She made the declaration in the spirit of patriotism insisting ‘’we have to keep at it..manufacturing is the hub of the development of any nation, so it is out patriotic duty to keep at it till things get better’’

Speaking with great pride in the conviction of her spirit of patriotism, the pharmaceutical company boss declares for the nation to move forward the patriotic spirit of the citizens, particularly the youths needs to be developed.

Offering a way out of the gloom that has enveloped the manufacturing sector, the celebrated Nigerian disclosed that ‘’ There is need for an articulated policy on how manufacturers should be encouraged. The economy has to be coordinated and moving manufacturing forward is critical at this point

‘’ “The government must put in place financial policy that would ensure a single digit interest rate to effectively promote entrepreneurship in the country, access loans and boost their production. Also, there must be special window for manufacturers.
“Manufacturers cannot progress without exporting their goods, and government must make the industry competitive with their foreign counterparts. We know that our competitors abroad have their governments’ backings and it makes them more competitive.’’