Local Firm Plans to Help FG Save $380m
The Managing Director, IronWeaver Ltd., Ada Obua has said that the company would be saving Nigeria $380 million annually when it starts the production of flow-control equipment known as valves, fr its facility in Ukwa, Abia State by the first quarter of 2018.
Obua said that the company’s proposed products would include centrifugal pumps, electrical submersible pumps (ESP), water injection pumps, helicoaxial pumps and air-operated double diaphragm (AODD) pumps and gas-operated double diaphragm (GODD) pumps.
She said that by manufacturing them locally, the country would be conserving huge foreign currency as it imports no less than $380 million worth of flow-control equipment.
Im her words, “When we commence operations, IronWeaver will be the sole local manufacturer of valves in Nigeria.
“Demand for our products is strong as Nigeria imports over $380 million worth of valves annually.
“That number will increase by 2018 with many big companies exploring the backlog of liquid fuels and gas projects.’’
Obua said, “Our growth will be driven by deployment of industry-standard technology and best operating practices to achieve high operational excellence.
“We will also ensure expansion of our product portfolio over time.”
“The company will be the only supplier in Nigeria to run its entire machinery and assembly manufacturing process in the country,’’ she said.
