The management of Metal Manufacturing Nigeria Limited (MMNL) has commended the Abubakar Abba Bello led Nigerian Export Import Bank (NEXIM) facility that has succeeded in boosting their production capacity.
This was disclosed on Wednesday when the Managing Director, Mr Kumar Saraf, and the Chief Finance Officer, Mr Bikash Kumar paid a courtesy visit to the Abuja headquarters of the Bank.
An elated Saraf was full of praises for the bank in their determined drive towards boosting economic development and fostering sustainable growth in Nigeria in line with the Renewed Hope agenda of President Bola Ahmed Tinubu.
Received by the Managing Director and the Executive Director, Business Development of the Bank, Hon Stella Okotete, the management of MMNL provided insightful updates on the company’s remarkable growth and performances, which includes that the bank facility has increased their production capacity to 25,000 batteries on a monthly basis.
The company added that its flagship brand, “Starplus,” has emerged as the best-seller in the local market, while an average of 4,000 batteries are exported to Ghana and other ECOWAS countries monthly.
The Managing Director expressed that it has invested heavily in forward integration as it produces the plastic battery cases and has thus far, secured 10 Original Equipment Manufacturing (OEM) customers who previously imported batteries.
Part of the company’s growth trajectory also include the process of commencing a backward integration project, which would entail the mining of lead and setting up a beneficiation plant in Abakaliki, Ebonyi State.
The proposed project would ensure sustainable raw material supply and an increased export capacity.
He concluded by saying that the” batteries are made in Nigeria with Indian technology.The first Made in Nigeria Inverter Batteries proudly supported by NEXIM BANK”.
On his part, the MD of NEXIM Bank thanked the management of MMNL for their visit, adding that the performance record of the company is an inspiration to the bank to do more in supporting businesses, and are committed to doing more in their growth and expansion efforts.
“Together, we can drive economic development and foster sustainable growth in Nigeria, and we are committed to doing just so.”