Layo Bakare-Okeowo, Vice-President of the Lagos Chamber of Commerce and Business (LCCI) and MD/CEO of FAE Restricted, has attributed the success of her envelope-making firm to its predominantly feminine workforce.
With 70% of her employees being ladies, Bakare-Okeowo believes that their consideration to element and finicky nature make them ultimate for envelope making.
She added that persistent transportation challenges proceed to undermine the settlement’s purpose of seamless intra-African commerce, regardless of Nigeria’s lively position in selling the African Continental Free Commerce Space (AfCFTA).
The AfCFTA, which unites 54 African Union member states right into a single market of 1.3 billion individuals with a mixed GDP of $3.4 trillion, was launched in 2018 and have become operational in January 2021. Its core goal is to remove tariffs and non-tariff limitations, foster {economic} integration, and promote sustainable improvement throughout the continent.
Nonetheless, logistical bottlenecks, notably within the motion of products from Nigeria to different African international locations, stay a significant impediment. Poor highway networks, bribery at each checkpoint, and inefficient port operations have pushed logistics prices excessive. These inefficiencies not solely delay shipments but additionally erode the competitiveness of Nigerian exports, particularly for small and medium-sized enterprises.
Nigeria has been championing AfCFTA’s digital commerce and regional integration agenda, aiming to spice up GDP, create jobs, and broaden exports of commodities, manufactured items, and providers. But, the success of those ambitions is determined by eradicating non-tariff limitations resembling extreme documentation, inconsistent inspection protocols, and fragmented regulatory requirements. With out coordinated efforts to streamline commerce logistics, the transformative promise of AfCFTA could stay out of attain.
On this unique interview with Nairametrics, Layo Bakare-Okeowo, Vice-President of the Lagos Chamber of Commerce and Business (LCCI) and MD/CEO of FAE Restricted, emphasised the urgency of addressing these limitations and why she hires extra ladies than males.
Nairametrics: FAE Restricted has thrived for 5 many years. What management precept or philosophy has sustained the enterprise relevance in such a distinct segment as a producing firm?
Layo Bakare-Okeowo: Thanks very a lot. Primary, the one purpose why we’re the biggest in West Africa at this time is as a result of we’re enjoying in an trade that’s not widespread, then two, high quality. Everyone asks me that query: why is it that 70% of my employees are ladies?
The reason being as a result of in envelope making, you must be well-detailed. Whenever you say it’s a 4×9-inch envelope, it should not be 4×8.5 or 4×9.5; it should be actual, then high quality, I’m positive you’ll say, as a result of I’m a lady, that’s why I’m saying this, we’re at all times finicky.
Ladies are aware about high quality. The machines they use in Germany, in America, that’s what I take advantage of. I take advantage of German machines, and that’s the most effective everywhere in the complete world. So the one purpose I’m in a position to service this trade is as a result of I’m well-detailed and my high quality is top-notch.
Nairametrics: We all know in put up workplace these days, we used envelopes, however issues have modified, and folks have transitioned right into a digital means of sending messages utilizing telephone, social media, and all that.
How has envelope manufacturing remained viable, and what innovation has FAE launched to remain on this enterprise?
Layo Bakare-Okeowo: I feel I’ve already talked about tamper-proof, steel-resistant envelopes. We’re doing so much very properly on our tamper-proof envelopes. Two, we’ve our RFID envelopes.
The gold chip on our ATM card is the place our NIN, our date of beginning, every little thing is. In case your ATM card is in your pocket, if I’ve my card reader in my hand, and I’m simply making an attempt to play with you want this, offered it’s about 500 metres to you, I’ll steal all of your cash out of your {bank} with out elevating something. Your cash is gone.
However FAE is proud to say we’re the primary to deliver this into Africa as a part of our area of interest. One other area of interest that we do, I don’t know, possibly you recognize this good outdated conqueror envelope. We do one thing higher than that, which is environmentally pleasant.
If any person forges the signature of the governor of the Central {Bank} or forges the signature of the Lagos State governor, we will make an embedded watermark, a secret watermark in your paper. If anyone brings it to you, all you must do is simply put the paper beneath the lights, and you will note whether or not the letter is from you or not. FAE is proud to deliver that into this nation.
Once I inform individuals I make envelopes on this digital economic system, they’re often very stunned. However we’re doing fantastically properly, I’m daring to say that, with an affordable turnover, we’re rising yearly. However what I’m simply frightened about is our put up workplace. That isn’t working.
A tonne of paper now’s about $1,300. Think about us in Nigeria that we’re exporting that out of this nation. We now have some Chinese language, I take into consideration 4, three Chinese language and one Indian corporations which might be making paper now in Nigeria. They’re so overwhelmed. They don’t even have sufficient capability. They’re even making an attempt to get extra paper mills, extra machines. Foreigners got here in. Why can’t we do it proper? Due to our coverage.
Paper is a unbelievable enterprise. Paper ought to be Nigeria’s second oil. Do you imagine that this, our outdated garments, may be recycled to grow to be paper? Do you imagine that the Kenaf plant, which we’ve loads of in Nigeria, can grow to be paper? Do you imagine that bamboo can grow to be paper? We’re simply somersaulting insurance policies which might be affecting enterprise.
Nairametrics: Given your expertise increasing throughout a number of African international locations, what do you see as the most important limitations to intra-African commerce, and the way can this be solved?
Layo Bakare-Okeowo: To be sincere, with regards to publicity, with regards to consciousness, it’s no extra a secret that AfCFTA has come to remain. However transportation of products from one nation to a different continues to be an enormous drawback.
Do you imagine that if I’m transport one thing to Germany and I’m transport one thing to Ghana, Germany is cheaper? I feel it will be higher if there have been some incentives that might appeal to these shippers to ply that route. That will be my primary suggestion. As a result of if it’s worthwhile for the shippers, you’ve loads of them there. So, there’s nonetheless an issue there.
Then two, with regards to transportation by highway, though different international locations stored on saying that they don’t have an issue, I feel we’ve an issue in Nigeria. There are numerous bottlenecks, many checkpoints, loads of bribery, and loads of corruption on the highway. And if you happen to now get to the border too, I’ve not seen any modifications with regards to all these border issues points. However I feel it’s a Nigerian difficulty. It’s one thing the Nigerian authorities ought to handle.
Nairametrics: How has the AfCFTA affected manufacturing and cross-border commerce for Nigerian corporations?
Layo Bakare-Okeowo: I feel AfCFTA is the most effective factor that has occurred to us in Africa, truthfully. If it’s been carried out very, very properly, as a result of we’re speaking of a inhabitants of about 1.3 billion, if all fingers are on deck. I suppose it’s only a teething drawback. We’ll overcome it. However what I might simply say is that, sure, we’re a large of Africa. However different African international locations are pulling their weight. I simply hope that they don’t put us behind.
Nairametrics: What structural modifications do you imagine are essential to make Nigeria a real manufacturing hub for West Africa, or Africa?
As a result of I can bear in mind, whereas rising up, there was this guide, Built-in Science. It’s about all these technical issues. So, I’ll advise that we begin. Sure, it’s good that we’ve loads of technical faculties which might be bobbing up. However we’re catching them within the center. Let’s catch them younger.
As a result of I can bear in mind, whereas rising up, there was this guide, Built-in Science. It’s about all these technical issues. So, I’ll advise that we begin. Sure, it’s good that we’ve loads of technical faculties which might be bobbing up. However we’re catching them within the center. Let’s catch them younger.
Then, two Nigerians are very hardworking. And we’re die-hard. The federal government ought to cease taking politicians on enterprise journeys. Allow them to go along with producers. As a result of all these individuals don’t know the best way to maintain a spanner.
