The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, has said that the government will boost local manufacturers’ access to equipment to drive their productivity and make them competitive.
He spoke at the opening event of a two-day 2022 edition of the Equipment & Manufacturing West Africa Exhibition and Conference with the theme, ‘Rethinking Manufacturing and Value Chains for Inclusion and Sustainability’ held in Lagos.
He said, “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.
“Let me also inform you that the Federal Ministry of Industry Trade and Investment has come up with Import Duty Exemption Certificate where incentives are given to local manufacturers to import machinery and equipment that are not fabricated locally, at zero per cent, as a way of cushioning the effect of high cost of production for commodities, goods and services.
“The implementation of IDEC is carefully being executed to ensure that equipment and manufacturers/fabricators in the country are adequately protected and more importantly competitive in their manufacturing processes.”
The Managing Director, Zenith Exhibitions, Joseph Oru, in his welcome speech, said, “The show is bigger this year and we have worked hard on this edition to ensure opportunities abound through the exhibition and conferences, free autodesk training and masterclasses to build capacity, network and trade.
“We are pleased to host captains of industries on our expo floor. We have companies being represented from Nigeria, Germany, Italy, India, Qatar, Malaysia, France and Indonesia.
“Our exhibitors and visitors are dynamic organisations and individuals who have identified Equipment & Manufacturing West Africa as a credible networking platform for achieving their strategic and organisational goals in relation to building sustainable partnerships across Nigeria and West Africa.”
As the participants networked during the expo, he said, they would discover innovative products, solutions and technology that would enhance their business and operational processes.