From Adetutu Folasade-Koyi, Abuja
Barring any change in plans, the Nigeria Export-Import Bank (NEXIM) and the Bank of Industry (BoI) will inject N5 billion into Zeetin Engineering, to produce industrial parts for the automotive, aeronautic-aviation, railways, marine and agricultural sectors in Nigeria.
Both banks are expected to loan Zeeting Engineering N2.5 billion each.
Located in the Idu Industrial area of the Federal Capital Territory, Zeetin also intends to produce electric cars for the Nigerian market and Africa.
Promoter of the company, Robert Azibaola, told media executives during a facility tour, at the weekend, that he has already invested about N3.5 billion in setting up the factory.
Azibaola disclosed that, even though he has not borrowed money from any bank to set up the facility, NEXIM and BoI have expressed readiness to furnish Zeetin Engineering with a N5 billion loan facility.
He also noted that in the 21st century, technology transfer is now global, which Nigeria can tap into, to become the hub of Africa’s industrialisation.
“There are laughable things a country doesn’t need to import. In the past, people were hoarding technology but it is no longer the same today. Why don’t we buy machines that will make machines in Nigeria rather than import luxury products…
“I felt why continue buying things ordinarily we should be manufacturing in Nigeria? Yes, we cannot invent the wheel, but, we can use our research and develop what we can. Instead of importing completed items needed for industries, why not buy machines that can make and repeat these items. If a lot of wealthy Nigerians invest in such ventures, we can complement the various governments efforts to solve the challenge of unemployment and save scarce foreign exchange,” he said.
Zeetin, an Original Equipment Manufacturer (OEM), also explained that his engineering firm “strives to be to Nigeria what Toyota, Samsung, LG are to south Korea, or Boeing is to the U.S., or Mercedes is to Germany; as industries of national pride.
“Zeetin shall be training several youths in areas of design and innovation ideas and bringing to reality those ideas by offering its hubs for youths to bring to reality their ideas in real products,” said Azibaola.