‘FG introduces IDEC to reduce production cost’
Sales and Business Development Manager, Atlas Copco, Stanley Onyeocha; Former Governor of Lagos State, Femi Pedro; Director, Industrial Development, Federal Ministry of Industry, Trade and Investment, Adewale Bakare; Managing Director, Zenith Exhibitions, Joseph Oru; Special Adviser, Technical Services to the Minister of Power, Kingsley Odoh; Former Director and Global Head of Communications at the African Export-Import Bank (Afreximbank), Obi Emekekwue; and Managing Director, Actolog Solutions Limited, John Akadu at the ongoing Equipment and Manufacturing West Africa 2022 Expo in Lagos.
The Federal Government has listed collaboration, infrastructural development, sustainability and provision of incentives as factors required to grow the equipment and manufacturing industry, saying it has introduced the Import Duty Exemption Certificate (IDEC) to cushion the effects of the high cost of production.
The Minister of Industry, Trade and Investment, Niyi Adebayo, disclosed this at the Equipment and Manufacturing West Africa 2022 Expo (EMWA) organised by Zenith Exhibitions in Lagos yesterday.
Adebayo said that the ministry has introduced IDEC to cushion the effects of the high cost of good production. He added that this is done through the provision of incentives to local manufacturers to import machinery and equipment that are not fabricated locally at zero per cent duties.
“This incentive is implemented to the effect that we do not short-change people that have invested in the equipment and manufacturing sector,” Adebayo, who was represented by Adewale Bakare, said.
He added that to be a partaker, one needs to apply to the ministry who will ascertain that the person is genuine and make a recommendation to the Ministry of Finance, Budget and National Planning if one qualifies.
According to him, the manufacturing sector enables any country to utilise its endowments and depend less on foreign supply of finished goods to stimulate economic growth, development and sustainability.
Managing Director, Zenith Exhibitions, Joseph Oru, said that this year’s edition enhances opportunities through exhibition and conferences, free auto-desk training and masterclasses to build capacity, network and trade.
The exhibition, which spans April 26 to 28, hosts captains of industries from Nigeria, Germany, Italy, India, Qatar, Malaysia, France and Indonesia.
He noted the need for all sectors to play their part in eradicating challenges in the sector, adding the need for collaboration.
