FG Reaffirms Commitment to Promoting Inclusive Sustainable Industrial Development
Gilbert Ekugbe
The federal government has restated its commitment to promoting inclusive sustainable industrial development (ISID) noting that the establishment of shared common facility centers would address infrastructural challenges hindering the nation’s industrial development drive.
The Minister of Industry, Trade and Investment, Niyi Adebayo made this known while speaking at the opening session of 2022 edition of Equipment & Manufacturing West Africa, (EMWA) in Lagos.
He said his ministry is in collaboration with the United Nations Industrial Development Organization (UNIDO) adding that ISID is in line with the Nigeria UNIDO Country Programme (CP) 2018-2022.
Adebayo assured that the current CP is being upgraded to Programme for Country Partnership (PCP), which focuses on sectors with high growth potential that supports countries in achieving its industrial development goals.
Adebayo who was represented by the Director, Industrial Development, Federal Ministry of Industry, Trade and Investment, Mr. Adewale Bakare, explained further that to the Ministry has also come up with Import Duty Exemption Certificate (IDEC) where incentives are given to local manufacturers to import machinery and equipment that are not fabricated locally, at zero per cent, in its bid to cushion the effect of high cost of production for commodities, goods and services.
In his words: “There is no doubt that the level of manufacturing is one of the basis for determining economic development in a country. The Manufacturing & Equipment sector therefore, accelerates the pace of transformation and diversification of the economy. It is on record that Equipment and Manufacturing sector contributes about 10 per cent to our Gross Domestic Product (GDP) annually.”
The Minister of Power, Abubakar Aliyu, represented his Special Adviser, Technical Services, Kingsley Odoh, said the conference would offer Nigeria an opportunity to showcase the nation’s abundant economic and business possibilities and to the world and the readiness of the present administration to not only provide ease for doing business, but also the willingness to welcome, partner and collaborate with both local and foreign investors for the general overhaul of the manufacturing sector in Nigeria.
The Managing Director, Zenith Exhibition and Convener, EMWA, Mr. Joseph Oru, said its exhibitors and visitors are dynamic organisations and individuals who have identified EMWA as a credible networking platform for achieving their strategic and organisational goals in relation to building sustainable partnerships across Nigeria and West Africa.
