The Government of the Nigerian state of Ono is set to establish a multi-billion Naira state-of-the-art glass plant.
The new facility will replace the moribund Oluwa Glass Company at Igbokoda in Ilaje…
The Government of the Nigerian state of Ono is set to establish a multi-billion Naira state-of-the-art glass plant. The new facility will replace the moribund Oluwa Glass Company at Igbokoda in Ilaje area of the state, which has been liquidated. Chief of Staff to the state governor, Mr. Femi Agagu said that the new glass factory would be private sector-driven. Mr. Agagu said Oluwa Glass factory had run up huge debts. According to him, “government which has the majority shares in the company has lost interest in the company because of its huge indebtedness. The Chief of Staff pointed out that the amount “required to revive the place was about NGN 3 billion, the amount that would establish two additional factories”, adding that the furnace at Oluwa Glass factory at Igbokoda has broken down while the company owes workers NGN 1.6 billion. “Instead of committing billions of naira into rehabilitating the furnace and payment of debt, the government would prefer to establish a new glass factory that would be divorced of any encumbrances and government and private investors would jointly finance it”, he said.