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Industrialist Urges FG To Address High Interest Rates

A Lagos based industrialist in the paint manufacturing industry, Mr. Raphael Danilola, the Chairman and Chief executive officer of Dalux Chemical industries Ltd. located in Ibereko, Badagry, Lagos State, has called for increased patronage of local paint manufacturing companies in the country.

Mr. Danilola made the call in his office in Lagos at an interactive session with the media, in which he spoke glowingly of Dalux products meeting international standard and receiving certification from the standards organization of Nigeria (SON) on a repeated basis since its incorporation and commencement of production in 1992.

According to the industrialist, Dalux Chemical industries Ltd. has a wide range of products of international quality ranging from Daflex paints which is of premium standard of three variants, emulsion, texture and gloss.

This product when used for painting, has a life span of between 15-20 years.

There is also Danilux paints of standard quality in three variants of emulsion, texture and gloss whose quality is comparable to international standard.

Another of Dalux chemical industries Ltd product is the general peoples paint called Villa, which is of the emulsion and gloss variant and can last up to 3-4 years on any surface, is easily accessible and affordable.

The company is also into the production and sale of high quality wood finishing, auto paints, airless spray paint, Stoven enamel as well as quick dry paint.

Dalux marine coating and Epoxy paint are all of international standards.

Dalux chemical industries Ltd. exports it’s products to African countries where it enjoys a huge share of the international market on the continent.

The Chairman and Chief Executive Officer of Dalux chemical industries Ltd, Mr. Raphael Danilola expressed gratitude to President Muhammadu Buhari administration, for the support and encouragement to the local manufacturers, which is unprecedented in the history of Nigeria.

He however called on the government to as a matter of urgency, address the issue of high interest rates on loans from commercial banks which is a big impediment to the survival of the local industries.

The Ilaje born industrialist commended the bank of Industry (BOI) for providing loans to businesses at a rate far better than what obtains with the commercial banks, but frowns at the strict conditionalities of obtaining a loan.

This includes requirements like the possession of Certificate of Occupancy (C of O) which is very critical, but in most cases, takes more than necessary to possess due to the bottlenecks in the land registry department of most states governments, he called for a relaxation of the strict rules as part of the measures to facilitate the ease of doing business in Nigeria.

Mr. Danilola also complained about poor and erratic public power supply which has affected businesses negatively as most manufacturers have to provide their own electricity supply and other sundry costs which increases the cost of production and inadvertently, the cost of goods and services to the final consumer.

He spoke at length about the danger posed to local manufacturers by the absence of a functional transportation system like railways which will go a long way in addressing the pains and stress of moving goods from one location to another and called on the government to address this deficit in order to drive the economy.

The issue of the Apapa ports and it’s attendant bottlenecks also attracted the attention of Mr. Raphael Danilola who called on the government to make the ports easily accessible to importers of goods and services by putting the necessary infrastructure in place for the ease of doing business.

Mr. Danilola commended the federal government for its implementation of the local content policy of support and encouragement of the local industries in order to boost the economy.

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