Mr Babatunde Abdulkareen, Managing Director, Muhat Nigeria Ltd., has appealed to the Federal Government to assist fabricators to acquire modern machineries.
Abdulkareen, who is into equipment fabrication and general engineering consultancy, made the appeal in an interview with the News Agency of Nigeria (NAN) in Benin on Thursday.
According to Wikipedia, a machine is a tool for handling or machining metal or other rigid materials, usually by cutting, boring, grinding, shearing, or other forms of deformation.
“The machines we are using to work are obsolete and can’t produce modern designs.
“Our fabricated products cannot compete with imported products because we are still using obsolete machines to work.’’
He said fabricators had not been able to access loans from the Bank of Industry (BO I) to acquire new machines due to the high cost of the machines.
“We have approached BOI for financial support to acquire new machines as they are expensive.
“We don’t have the resources to purchase the machines at a go, because they cost millions of Naira and the banks are not ready to give us loans to purchase them.
“The Federal Government can give us incentives to purchase the equipment or purchase the equipment for us and we pay within a specified time frame.
“We can go into an agreement to have a 10 year repayment plan because the machine can pay for itself and last for a long period.’’ (NAN)
