Firm tasks CBN on preference, priority for manufacturers

Group Managing Director (GMD), Chemstar Paints Industry Nig. Limited, manufacturer of Finecoat and Shield Paints, Adedayo Paseda, has appealed to the Central Bank of Nigeria (CBN) to give more preference and priority to manufacturers, over those trading in the allocation of foreign exchange.

This is as he said that the process for allocating foreign exchange, in which manufacturers have to apply and queue for a long period before getting it, is taking a negative toll on operations, cost of production, products and sustenance of businesses.

Paseda, while declaring open the Chemstar Paints Industry Nig. Limited Health and Safety Week 2023, organised yearly by the company for members of staff, said the paints industry is facing a lot of challenges with limited purchasing capital, including disposable income, which has made the industry a difficult terrain.

“We appeal to the CBN to improve the process. Most manufacturers take loans to buy foreign exchange, which is not getting to them before paying the interest on the loan facilities. The process is cumbersome. The foreign exchange needed for raw materials is usually delayed, and mostly, we begin to pay interest on the capital without enjoying what we used the money borrowed to buy, as it still takes some time before you get the raw materials,” he stated.

On the week, he said the company prioritised the health, safety and well being of its workers, stressing that through the health and safety programme, the company has over the years improved the wellness and productivity of staff.

General Manager Operations and Chairman of the Health and Safety Week, Cyprian Ukpai, said the essence of the programme is to enlighten members of staff continuously about safety and wellness, as well as how to live a healthy lifestyle.

The theme of this year’s week was, “Health and Safety Lifestyle in a Challenging Environment.”

He said: “In terms of productivity, the week has really improved and increased productivity because through the awareness and sensitivity, the workers have become more conscious of their working environment, and do not engage in any unsafe act at work. They are conscious of their environment even at work and their homes. On productivity, we have achieved about 90 per cent success because the safety week has really changed the concept and understanding of the way they think about the rules of working in the company.”

Guest speaker, Prof Osunkalu Vincent Oluseye, of the Department of Haematology and Blood Transfusion, Lagos University Teaching Hospital (LUTH), Lagos, in his health talk, said the way the workers go about their health, drug application and medical treatment should be taken more seriously.

He also urged them to be conscious of their environment, health and wellness, as living a quality lifestyle plays a significant role in their wellness. He added that they should use protective kits, nose masks, hand gloves, boots, helmets, among others provided them by the company to safeguard their health.