Paper Industry Impact To Economy IncreasesTo N398bn – Report
The contribution of the paper industry increased to N398.8bn in 2023, up from N356bn recorded in 2022.
This was disclosed by the Chief Executive Officer of the Centre for the Promotion of Private Enterprise in a report released to mark the inauguration of World Envelopes Day in Lagos.
Marking the event, which also commemorated the 50th anniversary of envelope manufacturing firm, FAE Limited, Yusuf explained that the paper industry has a profound economic impact across all sectors of the economy.
Accortto him, “As of 2023, the value of the Nigerian paper industry was N398.8bn naira, according to the National Bureau of Statistics.
“The value was N365bn in 2022; N363 billion in 2021; and N255bn in 2020. This is a significant contribution to our GDP. However, when compared to the size of our economy, which is estimated at N230tn as of 2023, it is still very small."
The CPPE boss stressed that the paper industry had been largely in recession because of the digital technology disruptions and other macroeconomic headwinds, especially relating to exchange rate depreciation, forex liquidity crisis and high cost of fund and energy cost escalation.
He said the paper industry had a profound economic impact across all sectors of the economy, which underscored the need for government intervention in the sector.
In her opening remarks, the Managing Director of FAE Limited, Funlayo Bakare, explained that the World Envelopes Day is the brainchild of the company, which sought to set aside April 16 as a day to celebrate the fundamental role envelopes play in daily communication.
She stated, “As we celebrate our golden jubilee, we are delighted to announce the inauguration of World Envelopes Day, to be celebrated annually on the 16th day of April.
“This is a pioneering initiative by FAE Ltd in accordance with our leadership position in the sector.
“The establishment of World Envelopes Day is to raise awareness about the importance of envelopes in various aspects of human endeavour, including personal correspondence, business transactions, and creative expressions.”