Cutix Challenges Jonathan On Jobs

Coming on the heels of a passionate admittance by President Goodluck Jonathan?on Thursday?in Abuja that because of the urgent need to create more employment opportunities in the country, his aAdministration will continue to do everything possible to promote the rapid diversification and industrialization of the economy, an Nnewi-based manufacturing outfit, Cutix Plc has challenged the Federal Government and the National Assembly on the nation’s seeming preference for imported foreign products.

This, according to the chairman of the company, Engr David Ifezulike, “it’s more painful and worrisome to observe that most local equivalent possess superior quality and international standard. Some our locally manufactured products have won foreign and international laurels.

President Jonathan renewed the promise while receiving a delegation from one of the successful?bidders in the on-going privatization of the country?s power generating companies. He assured also?that the Federal Government through the efforts will also continue to do its best to encourage investors who will support the administration’s efforts to create more jobs in the country and increasing the local production of goods and services.

Ifezulike, in his opening remarks at the Annual General Meeting(AGM) of the company at the weekend in Nnewi lamented that if only the authorities have put their feet down in the enforcement of the policy on the consumption of locally manufactured products, the burgeoning unemployment figure which indirectly contributes to the daily rising social tension in the country would have been reasonably tackled.

He noted that Cutix Plc is a wholly Nigerian owned and quoted electrical/automotive cable manufacturing company which has despite the harsh operating climate continued to post profit annually, with commendable dividends. That it recorded an?after tax of N151.4m for the 2013 fiscal year, which translates to a 92% improvement on last year.

He stated that the profit before tax moved from N118.6m?to N229.3m which he said represented a 93.3% improvement on the 2012?performance while the turn over moved from N1.57b last year to N1.93b?this year which according to him represented a 22.6% improvement.

The chairman pointed out that his outfit was able to?take advantage of the fall in the prices of copper and aluminium which?constitute the major raw materials used for their products.

He expects competition to be keen in the?industry in the years ahead said that his company is repositioning to?continue to take its leading role in the sector . He revealed that the?company is making an investment of about N300m to build a new factory?extension, acquire machines that would increase her capability and?capacity and production accessories that would increase her efficiency?and productivity . He declared emphatically that the most of?equipments ordered would be recieved by the end of this year and would?be commissioned by April 2014.

Engr Ifezulike however called on all the levels of government to embrace?peace and stability in the country, pointing out that?violence and crises will always adversely affect productivity and development,?stressing that there is urgent need for the federal government to?sustain the current level of efforts and to equip as well as motivate?intelligence and security agencies better in order to reduce most of?the challenges that gave rise to challenges that gave rise to high
level of insecurity in the country.

The managing director, Mr Ifeanyi?Uzodike stated that the major problem facing them bothers on the?activities of smugglers who flood the market with fake and?sub-standard products with its attendant dangerous consequencies.

Mr Uzodike berated the Customs for not doing enough to prevent the?trend. He also want the government through the national assembly to?enact laws that would make it mandatory for contractor to patronise?local manufacturers. He also expressed the hope that the current
restructuring going on in the power sector would translate into?availability of more electricity ?for consumers most especially?industrialists who are forced to rely on very expensive alternatives?to keep production going. He stressed that constant power supply and?effective distribution would help reduce cost of production and put?local manufactureres on good pedestal to compete favourable with?their foreign firms, thereby boosting productitivity and employment.

?Mr Uzodike also identified paucity of funds as the coated company?has no foreign partner and that they are only using their knowledge to?raise money for the company.

He however commended the Anambra state governor, Mr Peter Obi for his?support but quickly solicited for the assistance of the government for?the completion of the assess road that pass through the company.

The national president of Ark of God Shareholders Association, Mrs Olatunde Odebiyi, urged the company to consider favorably rotating the AGM to other geo-political zones in the country so as to show that it cares for its shareholders.

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She gave the company a pat on the back for “a sterling performance even in the face of stiff competition with imported cheap substandard products that were passed off as qualitative”. She prayed that all the shareholders would be present when the new factory presently under construction would be commissioned next year, noting it would creat many jobs.

Chuks Collins