The President, Lagos Chamber of Commerce and Industry (LCCI), Mrs Toki Mabogunje, has urged government at all levels to put in place measures to revamp the paper and pulp sector in the country.
Mabogunje spoke at the ongoing Lagos International Trade Fair, at an event where FAE Limited, Nigeria’s leading paper packaging manufacturer, unveiled a new product.
She said that the government needed to ensure that the operating environment was conducive for the industry players, to enable the sector to perform at optimal capacity.
“The industry has not been performing at optimal capacity over the years due to several structural challenges, including abysmally weak domestic milling capacity, tough operating environment, policy flip-flop and poor infrastructure.
“These challenges have made it increasingly difficult to attract and sustain private investment.
“The sector has for long depended on importation and this is a downside risk to the sustainability of the paperwork industry.
“Government at all levels need to show commitment by engaging measures that would revamp the sector and at the same time create a conducive operating environment for businesses,” she said.
The News Agency of Nigeria (NAN) reports that FAE Limited, at the event, unveiled it is Radio-Frequency Identification (RFID)-Blocking Automated Teller Machine (ATM) card cover as a solution to electronic pickpocketing.
Princess Funlayo Bakare-Okeowo, Chief Executive Officer, FAE Envelopes, said the RFID was in line with evolving technology of making contactless payments.
Contactless credit cards are cards that use RFID for making transactions.
Bakare-Okeowo said the RFID-blocking ATM card cover was manufactured with shielded sleeves that block RFID energy required to power the chip on the contactless card.
The industrialist said that the card cover ensured perfect protection of data and guaranteed users of monetary safety.
She said that the system allowed the cardholder to wave the RFID card in front of a contactless payment terminal to complete a transaction.
“All you need to guarantee the safety of your contactless card is FAE’s stylish security encrypted card cover.
“As good as the features of the contactless card are, not many users are aware that their cards can be read with powerful RFID readers from a distance of 100-meters by malicious hackers on the quest to steal the financial data of unsuspecting users.
“The contactless card is designed to enhance a cashless lifestyle by promoting increased card usage for lower value transactions.
“Payments through this card are made by tapping the card on the POS machine with contactless functions for low-value transactions; the card can also be used in a regular POS as a normal MasterCard.
“To prove your card is a contactless card, you could check for a radio wave or Wi-Fi symbol on your ATM card.
“The card covers can be customised according to colours, preferences and companies needs,” she said.