The Federal government through the Ministry of Industry, Trade and Investment has reassured manufacturers in Nigeria that the implementation of the Import Duty Exemption Certificate (IDEC) is carefully being executed to ensure that manufacturers in the country are adequately protected to remain efficient and more competitive in their manufacturing processes.
This piece of information was made known by Niyi Adebayo, the Minister of Industry, Trade And Investment in a keynote address at the opening session of the recently concluded 2022 edition of Equipment & Manufacturing West Africa (EMWA) expo, held in Lagos from April 26th till yesterday, April 28th, 2022.
Speaking on the theme, ‘Rethinking Manufacturing and Value Chains for Inclusion and Sustainability,’ the Minister revealed that under the IDEC, the Federal 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 high cost of production for commodities, goods and services.
“It is imperative to state that this sector enables any country to fully utilize 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 a vehicle for producing goods and services, creating employment, and generating incomes,” he said.
Adebayo, who was represented by Adewale Bakare, Director, Industrial Development in the ministry, said that the manufacturing and equipment sector helps 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.
Earlier in his welcome address, Joseph Oru, MD, Zenith Exhibitions and convener, EMWA, said exhibitors and visitors at the expo have identified Equipment and Manufacturing West Africa as a credible networking platform for achieving their strategic and organizational goals of building sustainable partnerships across Nigeria and West Africa.
“This year’s theme ‘Rethinking Manufacturing and Value Chains for Inclusion and Sustainability,’ will drive stakeholders’ conversations, especially at a time when the pandemic is still affecting the global supply chain crisis, the organisers noted.
“EMWA is one of the most comprehensive manufacturing, engineering, machinery, equipment, raw materials, and service exhibitions in Africa, where international and indigenous market-leading manufacturing solution providers with operations in Nigeria and across the continent converge to network and share best practices.
“It also serves as a critical platform for participants to upskill their teams, access financing solutions as well as evaluate and procure international technology, machinery, tools, and spare parts to improve manufacturing output and quality.
The keynote speaker, Obi Emekekwue, President, Delreeve Konsult Limited and former Director and Global Head of Communications for the Afreximbank said that manufacturing is a critical sector of any country and could be 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.
According to Emekekwue, manufacturing is a prominent sector and for Nigeria to increase growth and global competitiveness, sustainability should remain her strategy and objective, which includes enhancing employees, community and product safety. “To improve our production, recognizing the challenges that confront the sector, we must begin to think about inclusion and sustainability in our processes and the quality of products.”
At the three day event, more than 100 international and regional exhibiting brands were on the ground to showcase the latest manufacturing machinery, tools, and spare parts including air compressors, processors, mixers, conveyor systems, automation systems, handling systems, press forming machines, labeling machines, dust extractors, wire cutting tools, turbochargers, drilling and cutting machines/tools, surface treatment machinery, grinding machines, laser cutting technology, generators, climate control systems from Nigeria, Indonesia, France, Malaysia, Germany, Turkey, and India, among others.
Like last year, this year’s edition of EMWA was supported by the Kano State Government, Lagos State Ministry of Budget and Economic Planning, Raw Material Research and Development Council, (RMRDC), Kano Chambers of Commerce industry mines and agriculture, (KACCIMA), Federal Ministry of Power, Ministry of Trade, and Investment.
The event is supported by Atlas Copco as the headline sponsor, Actolog Solutions Limited, Greenpeg Engineering, Suzuki by CFAO, confirmed exhibitors include Renner Kompressoren, Bauer Gmbh, Boskel Engineering, Makelsan, KRS Engineering, Deepee Industrials Ltd, Grundfos Pty, FICEP, Indonesia Trade Promotion Centre, Malaysia Trade Centre, and others.