Today being 26th August 2010, President Goodluck Jonathan will inugurate Africa’s largest, and West Africa’s first ultramodern aluminum can manufacturing plant in Agbara, Ogun State. The plant, built by GZi Industries Limited has the capacity to produce 600 million cans per annum at the rate of about 2 million cans a day. The plant engages 150 Nigerians in direct employment and over 2000 others including suppliers, artisans and operators of small businesses in the neighbourhood, in indirect employment. The GZi plant offers cheaper and more environmentally friendly aluminum cans to many of the nation’s manufacturers of consumer goods who have always imported aluminum cans to package their products. In essence, GZi is not only saving Nigeria foreign exchange from the importation of cans but also leading the charge in import substitution which successive administrations have clamored for. This will also lead to enhanced profitability of the local businesses from savings in direct cost and reduced damage.
This project which took less than 18 months to establish is a clear indication of the positive effects of the present administration’s policies on the economy. The plant is also an indication of the visionary reforms in the nation’s banking industry, which has given Nigerian banks enough financial muscle to serve as catalysts to the industrial sector. What is most interesting about the GZi can manufacturing plant is that it was wholly financed by Fidelity Bank Plc, one of the nation’s leading financial institutions. It is most heartwarming to note that the period of financing and building this project coincided with the time when investor confidence in Nigerian banks was at its lowest ebb and when many banks were refraining from granting loans. This is an indication of the focus and resilience of the nation’s banks and their ability to rise above tough odds. Fidelity Bank seems to be leading the charge to a foundation for the nation’s industrial growth. Since merging with the defunt FSB International and Many Banks during the last banking consolidation exercise, Fidelity has become a financial landmark on the nation’s economic landscape. The bank, which turned 22 recently, has shown very keen desire to fuel Nigeria’s industrial renaissance.
Early this year, a 25 million Dollar Independent Power Plant, generating 12.5 mega watts of electricity, financed by the bank in partnership with Lagos State Government was inaugurated in Akute, a suburb of Lagos. The Plant was constructed to solve the perennial power supply problem. Confronting the nation’s leading industrial state. A similar project intended to generate 7 mega a watt of electricity to stabilize power supply to Lagos Island is also under construction. In the nation’s oil and gas sector, Fidelity Bank has also assisted in the drive to beef up local content by financing the 20 million dollar Hot Dip Galvanizing Plant owned by Dorman Long Engineering Limited, an oil servicing firm wholly owned by Nigerians. A similar project, a 35,000 metric tons Bulk Tank Farm owned by Index Petrolube Africa Limited was also financed by the bank. In the Agro-allied industry, the bank is similarly making a remarkable impact with its Agri-Nigeria Project. Through this initiative, the bank lends a critical support to efforts by Federal and State governments to entrench mechanized farming in the country. In partnership with the Federal Ministry of Agriculture, the bank financed the Tractorization Programme of the Nasarawa State Government in a bid to make modern farming equipment easily accessible to farmers. The bank also financed the basic facility needs of Kano-based Umza International Farms Limited, helping it to purchase modern equipment that would refine its paddy rice to a more acceptable standard. Fidelity is also one of the 13 banks that are currently funding the 326 billion dollar loan syndication that supports the activities of the MTN Group across Africa and Asia. It is currently financing the on-going construction of the Billion Polo Park Shopping mall in Enugu and Kwara Mall in Ilorin. From all indications, Fidelity bank is pointing the future direction of the nation’s banking industry. It is demonstrating to Nigerians, the possibilities that a strong and far-sighted bank can create in the perennial search for a solid industrial base. It reinforces the bank’s vision of being the number one in every market. No doubt, the inauguration of GZI can manufacturing plant financed by the bank, in Agbara, Ogun State, today is a clear sign that the nation’s drive for industrialization is possible.
Source: recorded live from FRCN daily commentary
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