It is lonely at the top – Ceo, Emzor Pharmaceutical, Stella Okoli

It is lonely at the top – Ceo, Emzor Pharmaceutical, Stella Okoli

The CEO of Emzor Pharmaceutical, Stella Okoli has said that the popularly saying, “It is lonely at the top”, is truer than ever, urging President Mohammadu Buhari to involve experts in decision making relating to the economy.


Mrs. Okoli gave this advice during an interactive session she had with newsmen where she aired her views on the Nigeria’s economy, the pharmaceutical industry and the manufacturing sector as a whole.

CBN forex policy

The government needs to sort out lot of things. It is not clear to us. Recently we are all asked to submit bids but those that bid more 280 got all. Your money would be taken from you, you will now wait for close to 30 days. We have what they called the Import Credit Facility, a short loan, but the CBN does not allow the use of such fund. There is need for an articulated policy on how manufacturers should be encouraged. The economy has to be coordinated and moving manufacturing forward is critical at this point. Yes there is no dollar, but how are we distributing the dollars that are available so that the people, who need it more, particularly, the manufacturers get it. President Buhari needs to get experts involved. They always say “it is lonely at the top”. What they mean is that people at the top don’t get the required information. We need lot of dollars in Nigeria and we can attract it by using the experts. We cannot afford to starve the manufacturing sector of dollars because oil cannot attract the dollars that are required. Without manufacturing we cannot survive. In the past, we used to rush to Abuja to have meetings but these days no one is inviting us for any meeting. There are lot of people with ideas.

Pharmaceutical industry

The industry is not well understood. It is the job of the government to make the industry survived by ensuring they get loan at single digit, and they enjoy government’s patronage. The industry is cash strapped. Government is owing pharmaceutical companies billions of naira, and some companies have shut down. It is affecting manufacturing badly. Everything must be done to ensure manufacturing sector survived because it employs lot of people. We are not doing well at all.

Advising on the way out of the quagmire, the former chairman, Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMGMAN) said, “The government must put in place financial policy that would ensure a single digit interest rate to effectively promote entrepreneurship in the country, access loans and boost their production. Also, there must be special window for manufacturers.

“Manufacturers cannot progress without exporting their goods, and government must make the industry competitive with their foreign counterparts. We know that our competitors abroad have their governments’ backings and it makes them more competitive.”

Mrs. Okoli, who is the Vice President of Manufactures Association of Nigeria (MAN) said further, “I know that pharmaceutical companies have N200billion intervention fund but that has not been accessed. You have to bring collateral but other industries have accessed theirs. Representatives of MAN have met Health minister, minster of industries, the lawmakers, and have made appointment to see the Vice-President on issues affecting the manufacturing sector.”

Tags assigned to this article:
Ceo Emzor Pharmaceutical

Related Articles

How ex-NIMASA boss, Akpobolokemi, acquired bulletproofed car- EFCC

An operative of the Economic and Financial Crimes Commission (EFCC), Orji Chukwuma, on Friday tendered documents before a Federal High


Flood of uncontrollable tears was witnessed yesterday in Ubulu-unor junction in Ugwashi-uku metropolis of Delta state, when a tipper lorry

Teacher to children with disabilities emerges 2016 maltina teacher of the year

A teacher to children with disabilities, Mr. Imoh Essien, has emerged winner of the 2016 Maltina Teacher of the Year


Other Interesting Posts

Reuben Abati arrested by EFCC
Former Special Adviser to ex-President Goodluck Jonathan on Media, Dr. Reuben Abati has been arrested by the Economic and Financial Crimes Commis...
N304.1m fraud: EX-NIMASA DG, Karo, others out for plea bargain
A former acting Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Haruna Jauro, and two others on Monday told a...
Charly Boy urges ordinary Nigerians to fight the ruling class
Maverick showbiz personality, Charles Oputa popularly known as Charly Boy, has urged ordinary Nigerians to stand up against the ruling class and ...
powered by RelatedPosts