We don’t want our money to be flowing outside. We want to hold it so that we will be able to increase the state GDP from where it is
Benue Investment and Property Company, BIPC, has revealed that it has made a profit of over N300 million from sale of bread since inception of production, adding that what has been realized so far is part of funds the company is using to construction another branch of bread factory as well as engaging in other ventures.
Making the revelation while addressing journalists yesterday in Makurdi, after inspecting the leather producing factory and branch of bread factory all at 75 percent completion in Makurdi, Managing Director, BIPC, Raymond Asemakaha, said the company decided to introduce production of leather printing for bread wrappers to reduce cost.
According to him, in the past, production of bread wrappers alone was put at about N27 million, announcing that in the next two weeks BIPC would float the market with its brand of nylon and table water bags for the company’s use and for sale to other companies to avoid capital fright to other states.
“We are doing that because we want to retain our cash flow within the system.
“We don’t want our money to be flowing outside. We want to hold it so that we will be able to increase the state GDP from where it is”, Asemakaha told journalists.
He said the leather factory would offer services to the entire North Central , adding that business owners in need of same products from other states would patronize the company in order to mitigate the rate of high unemployment in Benue State.
The BIPC boss also revealed that the company is looking at taking about 100 youth off the street offering skilled jobs with about 174 indirect jobs to be given to youth at the nylon production factory, while additional 100 jobs to be created at the new branch office of the bread factory located along Naka road also in Makurdi.
Asemakaha also revealed that BIPC target is to expand production of bread to reach other 23 LGAs across the state, assuring that it aims at introducing a new product at every quarter of the year.
He commended Governor Hyacinth Alia for given his management team support and a free hand to operate but appealed that the governor provide more funds to enable them purchase machineries and raw materials to continue production.