Fidelity Restates Commitment To SME Growth As Beloxxi Industry Commissions Expansion Project

The Managing Director/Chief Executive O¬fficer, Fidelity Bank Plc, Nnamdi Okonkwo has promised to support ongoing efforts at boosting Nigeria’s manufacturing industry through the provision of innovative financing schemes and technical advisory services to Small and Medium Scale Enterprises (SMEs).

Okonkwo who gave the assurance at the commissioning of phase 2 and foundation laying of phase 3 expansion project of Beloxxi Industries Limited in Agbara, Ogun State on Thursday identified small businesses as a strategic and essential fulcrum for any country’s economic growth and development.

Okonkwo was full of praise for Beloxxi’s stellar achievements in the manufacturing sector, explaining that the company has grown to become one of the largest biscuit makers in the country, with a capacity of 40, 000 metric tons (MT) per annum. “What we see here today is sheer entrepreneurial spirit and passion for what one does. “Mr. Obi Ezeude, Chief Executive O¬fficer, Beloxxi Industries has done a good job of realising his dreams.
Okonkwo noted that Beloxxi was a ‘poster boy’ for small businesses in the country with huge ambitions of transforming into large organisations. “Mr. Ezeude is such a visionary person. “In him, we saw the kind of aspirations that we have as a Bank supporting SMEs. Now, I don’t know if we can call him an SME. Today, the brand Beloxxi can compete favourably with any international brand”, he said.

The Vice President of Federal Republic of Nigeria, Yemi Osinbajo and Okechukwu Enelamah, Minister of Industry, Trade & Investment were both in attendance at the commissioning ceremony. Enelamah pointed out that government had set up the Industrial Council to help manufacturers proffer solutions to a myriad of challenges plaguing the manufacturing industry.

In his remarks, Ezeude expressed profound gratitude to the Bank for its continued support and the confidence reposed in Beloxxi. Whilst explaining that the project will enable the company to increase its output capacity from about 40,000 to 100,000 metric tonnes of cream crackers per annum, Ezeude stated that the staff strength will grow from 2,500 to 6,000 at the end of the expansion period.