Laraba MUREY
The Managing Director of Prince Interior Furniture Company Limited, Prince Emeka Egwuekme, has stated that Nigeria’s wood sector has the potential to surpass the country’s oil revenue.
Speaking at the company’s 25th-anniversary celebration in Abuja, Prince Egwuekme noted that the wood sector is an untapped goldmine that can generate more revenue for the country than oil.
He explained that Nigeria has an abundance of wood, with various species such as Iroko, Mahogany, and Cedar, which are highly valued globally.
Egwuekme stated that a cubic meter of these woods can sell for as high as $900 in the international market.
He said, “The wood sector in Nigeria can give Nigeria, in terms of our revenue income, more than what the oil is giving us. because the wood sector is an untapped good.
“These woods in the western world, a cubic can $900 US dollars. And we have them in trillions cubic. If government would begin to ask us, we that know what wood is, how do we get this? We’ll open up to them.”
The entrepreneur, who started his business with just N70 in 2000, lamented that the country is losing billions of naira due to the lack of investment in the wood sector.
He noted that China, which is currently dominating the global wood market, is importing wood from Nigeria and processing it for export.
Prince Egwuekme called on the government to invest in the wood sector, stating that it has the potential to create millions of jobs and generate billions of naira in revenue.
He also announced plans to establish a furniture training institute which will provide training for 2,000 Nigerians annually.
The institute, which is expected to commence operations next year, will provide training in furniture making, wood processing, and other related skills.
He said “By 26th anniversary of Prince Interior will unveil that very institute.
“The machines are 1.4 million euros. And we partner with the German and Austrian people.
Prince Egwuekme further highlighted the importance of the institute, stating that it will provide training and retraining for Nigerian artisans in carpentry, plumbing, welding, and other areas.
“I notice that Nigeria is losing out, especially the youth. Today you see our youth doing yahoo, yahoo, doing all manner of things, kidnapping and so on. All because nobody has redirected them to the reality of what is good and genuine.
“And I find out that so many that are a few genuine are leaving the show, going back to the Western world to become slaves. The Western world has moved from being a carpenter, plumber and so on to go into artificial intelligence.
“They need our people. So the few of our artisans who are doing well in Nigeria today are leaving the show.
“Canada, Australia, they are waiting for them to give them green passports. So that they will use them for this very position that they have left.
“Because they have left every other position to artificial intelligence. They need us as their plumber. They need us as their carpenters.”
Prince Egwuekme urged the government to support the institute, stating that it is essential for the development of the wood sector and the country’s economy.
“In the next four years, Nigeria will not have good carpenters in the street because they are leaving. The plumbers are leaving. And this is why this school must open. This is why government must see reason to support Prince Interior to make sure that school comes to become. Because we need to open this school to train and retrain Nigeria every year. Giving back to Nigeria 2,000 artisans in carpentry, in plumbing, in welding.
“And so many other things which you will see what the institute is doing.”
The company, has grown from a small workshop in Abuja to a multi-million naira business with over 169 employees and has trained 700 employees in the last 25 years.
