International equipment manufacturers meet Nigerian companies
The new government of President Muhammadu Buhari has announced as one of its key policy agendas the promotion of manufacturing in Africa’s most populous country. The major instrument the administration is employing to achieve its professed aim is the Nigerian Industrial Revolution Plan (NIRP), which is facilitating investment and growth within the sector.
In his address at the 43rd Annual General Meeting of the Manufacturers’ Association of Nigeria (MAN) in Lagos, Vice-President Yemi Osinbajo said: “We believe the manufacturing sector is key to attaining our set objectives as government to create job opportunities for our youths. There is no way we can achieve economic growth without diversifying our economy through agriculture value chain, mining, oil and gas and the like, but the missing link is the manufacturing sector.”
According to its organisers, the 3rd Nigeria Manufacturing Expo, taking place on 15-17 March 2016 in Lagos, will support the NIRP, increase local production, support job creation and ultimately stimulate the growth and diversification of the Nigeria economy.
The three-day event is expected to be attended by international manufacturers displaying machines, automation technology and machine tools, and local companies who will be there to evaluate and buy new manufacturing equipment and machinery, the organisers, Spintelligent and Clarion Events, said.
Financing products from the Bank of Industry, Small and Medium Enterprises Development Agency of Nigeria and private-sector banks will also be exhibited at the event.
The Expo, which is organised in collaboration with MAN and the Federal Ministry of Industry, Trade & Investment, will also host round-table discussions on the Manufacturing Partnerships for African Development or mPAD. Discussions will address challenges such as increasing Nigeria’s local production and how to tackle issues such as factory financing mechanisms, technical workforce training, infrastructure and energy security.
Sesan Adeola, Lagos
Photo: African textiles displayed in a market. The textile industry in Nigeria is one of the most attractive investment opportunities in the country. The Nigerian government offers investors several incentives in the sector (© WIKIPEDIA)