Government committed to local manufacturing, says Osinbajo

Innoson, Chinese firms in $1b investment deal

Vice President Yemi Osinbajo has said the Federal Government is determined to actively pursue local manufacture and production of goods in the country.

The vice president spoke this in Abuja yesterday during a visit by a delegation of Innoson Group led by Chief Innocent Chukwuma and Chinese business interests including Shangdong Broadcasting Group.

He explained that it is because of government’s commitment to local manufacturing and production that the initiative of Innoson Group to work with Chinese partners is being viewed as a “strategic collaboration.”

Osinbajo said that the Federal Government would collaborate with any business interest that can facilitate the plan.

According to the vice president, “Manufacturing in Nigeria is a primary objective of this government, it is a work we intend to do in the next few years to manufacture and produce in Nigeria as much as we can.”

Innoson Group is collaborating with three Chinese firms: Shangdong Broadcasting Group, Shangdong Cable Interactive Services regarded as leading biggest TV operators, and Inspur Group, said to be China’s foremost leader in Cloud Computing.

The initiative, the VP said, “Is bound to yield very good fruits and do very well,” adding that the timing is right “as we are at a point that we must engage technological solutions in our development plans.”

Osinbajo then explained the importance of competition and competitive pricing in such an effort.

“In all we try to do, we believe there must be competition, competitive prices and plans,” the vice president said. He observed that the Chinese firms must have taken that into consideration.

The vice president assured Innoson: “We are looking forward to working with you in the next few months to realise the plans that you have laid out.”

Chukwuma, Innoson boss said the Chinese firms had decided to invest about $1 billion in the Nigerian economy within the next 12-24 months.

He said the investments would include a credit facility of $300 million for local production and supply of five to eight million Set-Top Boxes for the Digital Switch-Over in broadcasting in the country to meet a target date of June 2017.

Also, an investment of $100 million to establish technology-based Direct-To-Home Digital Bing Television Stations in Nigeria, among others.