The Federal Government says the implementation of the Import Duty Exemption Certificate (IDEC) is carefully targeted at ensuring that local equipment manufacturers and fabricators are protected and made competitive.
Under the IDEC, the government through the federal ministry of industry, trade and investment grants incentives to local manufacturers to import machinery and equipment that are not fabricated locally, at zero percent, as a way of cushioning the effect of the high cost of production for commodities, goods and services.
“It is imperative to state that this sector enables any country to fully utilise its endowments and depend less on foreign supply of finished goods for its economic growth, development and sustainability.
This critical sector plays a pivotal role as vehicle for the production of goods and services, creation of employment and generation of incomes,” said Niyi Adebayo, the minister of industry, trade and investment, in his keynote address at the 2022 edition of Equipment & Manufacturing West Africa (EMWA) expo, which kicked off in Lagos on Tuesday.
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The three-day event is themed, ‘Rethinking manufacturing and value chains for inclusion and sustainability.
Adebayo, who was represented by Adewale Bakare, director of industrial development in his ministry, said the manufacturing and equipment sector help in accelerating the pace of transformation and diversification of the economy.
“The equipment and machinery policy like any other is designed to facilitate and promote the growth of investment in the equipment and machinery sector in-country. The policy is being developed in close collaboration with all the stakeholders in the industry, including the private sector,” Adebayo stated.
Obi Onyeka Emekekwue, the key speaker at the event, described manufacturing as a critical sector of any country and a significant contributor to the economy if well developed. According to him, with the ability to attract over 1500 visitors, EMWA remains relevant in the manufacturing sector and serves as a catalyst to Nigeria’s economic growth, hence it should be given requisite support from the government and all stakeholders.
“To improve our production, recognising the challenges that confront the sector, we must begin to think about inclusion and sustainability in our processes and the quality of products,” said Emekekwue.
Joseph Oru, managing director, Zenith Exhibitions and convener, EMWA, said exhibitors and visitors at the expo have identified equipment and manufacturing in West Africa as a networking platform for achieving their strategic and organisational goals in relation to building sustainable partnerships across Nigeria and West Africa.
