When i import the .obj file onto buildbox it is simply a white 3d oobject and I want to know how I can give it colour using the mtl file for that 3d object.
Simple you color the materials in an external painting program using the UV templates as a guide, make sure your UVs are not overlapping. Then just save the bitmap as a texture, and import it into BB3. BB3 doesn't read .mtl files that's why it's got to be done this way !