The Akwa Ibom government has invested about N526 million to ensure the reactivation of the Peacock Paints Limited to guarantee the exclusion of private equity share participation in the company.
Gov Udom Emmanuel gave the insight during the re-inauguration of the paint factory at Ikot Ekan, Etinan Local Government Area.
The governor explained that the debts of the company particularly arising from interest on a N30 million loan from financial institutions have been paid, directing the Ministry of Commerce, investment and industry to carry out effective monitoring of the activities of the factory for it to remain afloat with quality brands of paint in the market.
He stated that discussions have reached an advanced stage with German investors to partner in the operation of the factory side-by-side with the application of local contents in the manpower strength, indicating that the expected expansion arrangements would be geared towards privatization of the company.
Governor Emmanuel is working, Akwa Ibom is moving industrially. The industrialization agenda of this government is real and visible.
Within six months, the moribund Peacock Paint has been revitalized. Six months later the paint has taken over Uyo, it will soon be launched in other states. Indeed Peacock paint is producing, and is working. Let’s support the visionary leadership of Governor Udom Emmanuel.
Most importantly this is just the beginning for those who believe in Gov. Udom Emmanuel as more are coming.
Support Udom Emmanuel’s industrialization drive in Akwa Ibom for employment, wealth creation, and development.
Peacock Paint has hit the market with depot at No. 108 Aka Road, Uyo, Akwa Ibom State . Lets support Made-In-Nigeria products to grow the economy.