Immediate past Minister of Science and Technology, Dr. Ogbonnaya Onu, has challenged Nigerian entrepreneurs, to replicate the industry and resourcefulness of Chief Samuel Maduka Onyishi, who has grown Peace Mass Transit into diverse, flourishing subsidiaries, thereby making appreciable contributions to the growth of the national economy.
The Minister spoke recently when he visited the corporate headquarters of PMT to inspect expansion works going on at the Peace Petroleum Limited Factories where lubricants and chemicals are produced.
“We have many of the raw materials we import here in our country, all we need is to harness them,” he stated. “We thank the management of Peace Mass Transit for doing a great job which should be replicated all over the country”.
Dr. Onu urged investors to pull resources together from their areas of strength for ease of growth and survival.
He expressed satisfaction that Peace Mass Transit Petroleum was on the part of transiting for a small scale to a medium, “with the potential to be a large scale business”.
The Minister said Nigerian business should shift from mechanizing to manufacturing, to make the economy of the country strong.
“We want a situation where many of the things imported into our country can be produced locally…. This is the only way to make the naira strong”.
“In the future, the organized private sector should come into many startup companies and help them grow”, he added while promising that “the government of President Mohammadu Buhari will support what is being done here (at Peace petroleum)”.
Vice Chairman of the Peace Group, Lady Emily Onyishi, who stood in for husband and Chief Executive Officer, Dr. Sam Onyishi appealed to government to create enabling environment for businesses, particularly those into manufacturing.
The manufacturing sector, she said, had the potential, more than any other sector, to reduce unemployment and generally add value to the economy.
Lady Onyishi urged the minister to convey to the government the complaints of heavy burden faced by manufacturers especially with regards to high taxes and insufficient and costly foreign exchange.
She called on government to place high tariff on imported goods, as done in China, to encourage patronage of locally produced ones.
General Manager of Peace Petroleum, Joseph Odoh, who conducted the minister and his entourage round the various production lines of the factory, disclosed that the company has about 20 specialist products, out of which five had been patented, including Wood-cell-cure tiger brand; Wood-cell-cure-anti-termite; Wood-cell-cure-Nitrocellulose thinner and Wood-cell cure wood lacquer.
Most of the raw materials for the products are locally-sourced, the GM said, while disclosing further that plans were at advanced stage for their full commercialization.
“The company would wish to launch these products into Nigerian Market in the short term, while in the nearest future, they shall reach all African States”, Odoh assured.
Peace Petroleum is one of the subsidiary firms in the Peace Group. Others are Peace Mass Transit( Transport) Peace Capital Market Ltd; Peace Microfinance Ltd; Peace Mass Logistics; Peace Press; Peace Motor Assembly Plant and PMT Beingin Trade co China Ltd.