The Managing Director of paper manufacturing firm, FAE Limited, Funlayo Okeowo, noted that Nigeria spends about $3bn on paper importation yearly.

She made this known while in press conference held in Lagos to mark the company’s 50th anniversary recently.

She asked the government to make more efforts towards addressing the challenges faced by manufacturers.

Okeowo said, “According to available research, we spend about $3bn on paper importation. We want the government to do more because manufacturing is the bedrock of every economy. It is frustrating that 80 per cent of our profit goes into diesel.

“Today, diesel sells for about N1,700. How can we be profitable? We have some manufacturers that have already left the country because of operating costs. So, we need the government to look into this.”

Okeowo said FAE Limited had perfect plans for the upcoming ‘World Envelopes Day’ to be celebrated yearly on April 16 of the company’s 50th anniversary.

She added, “This is a pioneering initiative by FAE Limited, in accordance with our leadership position in the sector.

“The establishment of World Envelopes Day is to raise awareness about the importance of envelopes in various aspects of human endeavour, including personal correspondence, business transactions, and creative expressions.

“This initiative aims to celebrate the cultural, historical, and practical significance of envelopes as a means of communication and an integral aspect of our human existence.”

The FAE CEO stressed that the company would organise a special roundtable event on April 16, 2024, featuring guests from a broad range of sectors, including finance, manufacturing, media, government and the diplomatic sector.

Okeowo said, one of the key highlights would be a panel of key stakeholders discussing the past, the present and the future of the paper manufacturing sector.