Alhaji Inuwa Wada, chairman, Nigerian Enamelware Plc., has said that the inability of the company to good financial standing in its financial year report is due to the poor state of business environment and poor economic growth in the country.
Alhaji Wada, stated this at the 48th Annual General Meeting of its shareholders, held in Abuja. He cited the high cost of oil in Nigeria which has shutdown many factories that could not afford to finance their oil supplies in running their industries, coupled with the financial crisis of dwindling value of the Naira against the dollar, as some of the factors that is responsible for the poor showing of the company.
According to him, inflation has risen high in many emerging market and is reflecting on the developing countries’ economy in sector such as energy, food, commodity prices, oil and gas as well as transport system.
Alhaji Wada noted that the money and capital market sectors have done well in growing the economy and has giving the country hope for a better business environment, explaining that the financial institution is capitalized to meet the globalize market than the energy and oil sector, which seems to be the main stream of the countries revenue.
In a remark, Alhaji M. A. Ola Yusuf one of the company’s directors said the company has performed creditably well and that the turn over has improved but still need to work hard to ensure a comparative advantage over others in its specialized market from this year.