Ogun Industrialist Seeks FG's Intervention For Indigenous Firms - EDU-BIZNEWS


Friday, March 5, 2021

Ogun Industrialist Seeks FG's Intervention For Indigenous Firms

Chief Executive Officer of one of the Nigeria's leading indigenous manufacturers of soaps, Olu Ventures Nigeria Limited, Hon. (Chief) Johnson Olu-Fatoki has asked the Federal Government to provide the needed Intervention fund for viable local firms, to boost their level of production and create more employment opportunities for Nigerians

The Ogun State based Industrialist in an exclusive chat with Edu-Biznews, at the factory located at Lafenwa-Ayetoro Road area of Abeokuta, the state capital, insisted that government must provide enabling environment such as  provisions of good roads, regular electricity and portable water for local industries to grow, create more wealth and job opportunities for people

Olu-Fatoki whose company is noted for producing high quality brands of soaps including popular "Olu Quality
Soap(Multipurpose),"De-reel (Multipurpose)",Kerro Anticeptic (Herbal) Soap and De-reel Anticeptic Soap,  said most local manufacturers required government's financial support to expand their production capacity and make more Made in Nigeria products available in the market to compete with other imported goods.

"Once there is government's financial assistance, cost of production reduces and cost of living improves, that should be the concern of government, we are just imploring government to be proactive and be alive to its responsibility, by assisting well-meaning manufacturing Organizations in order to ensure high productivity and good living standard. Government should work on reviewing the Importation of goods into the country, government should look inward for economic integration, Nigerians should be producing not foreigners, to boost our economy and increase employment opportunities"he stated 

"Government focus should not only be on collection of taxes but also look inward and identify the existing functional indeginious companies and provide the needed financial assistance for them to expand their production capacity", the two term member of the Ogun State House of Assembly added.

The Oganla of Owu-Abeokuta Kingdom, identified bad roads, irregular electricity as well as lack of portable water and financial support by government as major challenges facing manufacturers, particularly the indigenious firms.
According to Olu-Fatoki,"If we have good roads, regular electricity supply and provision of portable water, it will help manufacturers to produce at minimum cost "

The Owu-Abeokuta born Entrepreneur cum Politician, however revealed to Edu-Biznews that new machines had been acquired and being installed at the Olu Ventures Nigeria Limited, as part of the company's expansion project, to meet the ever increasing demand for its range of products in the market 

"All our products Olu Quality Soap (Multipurpose), De-reel (Multipurpose), Kerro Anticeptic Herbal Soap and De-reel Anticeptic are yet to meet the demands of the market, what our machines can produce today, are not enough to satisfy our customers, we just acquired additional machines being installed and soon as the installation is completed,we move forward from there",he assured.

Olu-Fatoki described the more than 25 year-old, Olu Ventures Nigeria Limited, as major player among its peers in the soap manufacturing, saying more 85 percent of raw materials used for producing its various brands are sourced locally in the country.
"The essential aspect of all our products is that 85 percent and above of essential raw materials are sourced in Nigeria, so as a result of this uniqueness, we are able to compete and produce high quality and price friendly products".

He recalled that the most of the soap manufacturers in Nigeria were companies owned by the Chinese and Indians before the establishment of the company in 1995, but since then Olu Ventures Nigeria Limited as one of the indeginious companies, has emerged as one of the market leaders who is enjoying a reseanable share of the market.

He explained the uniqueness  of the company's range of products which stand them out among others competing brands in the highly competitive environment in the country.

On Olu Quality Soap (Multipurpose), according to Olu-Fatoki, is the first product to be produced by the Organisation, the  soap can be used for both bathing and washing .

The product is strong with superlative foaming capacity and beautiful fragrance, a tablet of Olu Quality Soap can wash as many as 20 pieces of clothes 

There is also another multipurpose soap "De-reel Multipurpose", which shares similar qualities with the Olu Quality Soap

"Kerro Anticeptic Herbal Soap', he described as very unique among others competing brands because of the intensive research carried out before producing the product.

The product has no colouring and its efficacy can be seen in the anti-fugal quality inherit in the product which makes it unique for  anybody having skin rashes , pimples on the face , or stretched marks on the body, just two tablets of the soap will be enough to make the skin smooth again.

There is also  De-reel Anticeptic which is similar to Kerro Anticeptic but has no herbal content in its formulation.

Above all, consumers are sure of getting high value for money , getting any of the range of products to either bo their washing or for bathing

Interestingly Olu Ventures Nigeria Limited is also dominating market share in the customised soaps for hotels in the country, having between 45 and 50 percent of hotels using its specially branded soaps and even export to hotels in neigbouring African countries like Ghana and South Africa    

According to Olu-Fatoki, "the hotel soaps before now were imported into Nigeria from either China or India but now between 45 and 50 percent of hotels in Nigeria use soap produced by "Olu Ventures Nigeria Limited" because of its quality and affordability"

He explained that the customized hotel soaps which comes in round or square shape are in different sizes 20grammes, 25grammes, 30 grammes, 40 grammes and 50grammes are sold through some agents to the hotels which is another value chain opportunities for some Nigerians  

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