With the value of oil and the Naira currency in decline, Nigeria is turning to old-fashioned pencils to provide relief.
The Minister of Science and Technology, Ogbonnaya Onu, recently announced that the first pencil plant in West Africa would start production in 2018.
“We have all the things to produce a pencil, which is used by a large number of people from our young pupils to engineers,” Onu told Nigerian newspaper, The Daily Trust.
“The private sector will come in to do the production and we will see the benefits. When production of pencils begins, Nigerians will be amazed at the multiplier effects. It will create a minimum of 400,000 jobs.”
The Minister explained that pencils use raw materials that Nigeria possesses in abundance, such as wood, graphite, and rubber. All pencils are currently imported, which has become prohibitively expensive as the Naira struggles.
Source: CNN Africa