Oku Iboku Pulp and Paper Project (OKIPP) in Itu Local Government Area of Akwa Ibom State says the $30 million loan it secured from the African Development Bank (AfDB) would be used to finance the rehabilitation the mill.
The paper mill, which was acquired by Negris Group, an indigenous engineering company in 2008, has the potential of cutting the country’s annual imports of newsprint and creating thousands of jobs for youths in the country when fully operational.
Imoh Ekaette, special consultant to OKIPP, in a telephone interview with BusinessDay, said though the rehabilitation of the plant was estimated to cost $200 million, the loan from the AfDB would go a long way in facilitating the commencement of the Uyoplant’’ rehabilitation.
According to him, the mill has been down for many years, adding that most of the equipment and facilities had become obsolete as the plant has been shut for many years. He added that much would be required to turn around the mill to meet international standard.
“We are going to move away from liquid fuel to gas to power the plant and lots of other innovations”, he said.
According to him, the paper mill when fully rehabilitated would compete with other paper products from other parts of the world, adding, “Our equipment must be up to standard and we are leaving no stone unturned”.
In a statement, AfDB said the project would support inclusive and green growth by contributing to a better management and user of forest resources while generating linkages with the local economy.
ANIEFIOK UDONQUAK,
