The Benue Investment and Property Company Limited (BIPC) has said it building its new polythene factory entirely from the proceeds realized from selling BIPC bread.
The Managing Director/CEO of BIPC Dr. Raymond Asemakaha disclosed this on Monday during an inspection of the Polythene, Bread Bakery extension Unit, and other facilities of BIPC.
He told newsmen that BIPC Bread sold over 2 million loafs worth over N300 million over the past five months when the company commenced the bakery.
“We have sold bread worth over N300 million already. We built the nylon and leather bad factory solely from the proceeds of selling bread” he said.
He also disclosed that the bread factory was built from N146 million debt recovery proceeds.
Dr. Asemekaha furher explained that the BIPC polythene factory will begin nylon and plastic bags at the facility in two weeks, and this will create at least 100 direct jobs and over 200 indirect jobs and mitigate millions of naira in capital flight.
He said BIPC is investing in nano, micro, small and medium-scale businesses because it will reduce the pangs of rising high employment in the state.
He however called for more funding from the state government so BIPC could build more factories to create more new jobs.
“We are constrained based on inadequate funding,” he said adding that the application for additional funding has been submitted to the governor for consideration.
“We need funds to buy machinery, and raw materials, to build more factories,” he said.
He assured that in spite of biting inflation, and the rising cost of doing business BIPC won’t be increasing the prices of its bread and pure water products in the short term.
