- As 200 Chinese investors swoop on Nigeria’s mining sector
The Managing Director, Nigerian Ports Authority, Ms Hadiza Usman, has urged the Federal Government to encourage local manufacturing companies, through tax reduction.
The NPA Abuja Liaison officer, Alhaji Kabiru Edward indicated this, while making a case for local manufacturing companies, particularly those in the “Made in Nigeria products’’ category, so as to boost the economy through non-oil exports.
“Talking about Made-in-Nigeria products, there are several measures that need to be met before we can talk of returning Nigeria to the path of sufficiency through non-oil export”, indicated Usman who was represented by Alhaji Kabiru Edward, during the NPA’s Special day at the 12the Abuja International Trade Fair.
“Government should improve trade free zones in the country, reduce taxation on companies that manufacture locally and boost electricity which is an important commodity.
“Government should provide long- term and short-term loans for producers and improve on our transportation systems to encourage the transfer of goods from one location to another,’’ she said, while speaking on the theme of the fair, which was “Returning Nigeria to the Path of Sufficiency through Non-Oil Exports’’.
Usman pleaded that government should also encourage the exports of more locally made goods than importing foreign products, while reviving local industries.
She stressed that government should endeavour to assist the ports to attract transhipment cargoes to boost revenue and put the country on the map of serious maritime nations.
“Government must act and accept the maritime and port industry as a prime economic driver, bearing in mind that the port is the gateway of 85 per cent by volume of economic activities in the nation,’’ Usman said.
Dr Adetokunbo Kayode, President, Abuja Chamber of Commerce and Industry, said the fair offered great opportunities for business development and a platform for all exhibitors to showcase their latest innovations in products and services.
Represented by Mr Chijioke Ekechukwu, Director- General of the chamber, said the theme was in response to the spirit and intent of the Economic Recovery and Growth Plan.
“The chamber believes that our economy must become externally diversified with the non-oil sector becoming the main source of earning foreign exchange,’’ he said.
Kayode said the theme was a call for all stakeholders to support efforts and initiatives to promote local production of goods and services to achieve self-sufficiency and stimulate export.
According to him, the fair seeks to promote accelerated development of industry, trade and commerce, engender real growth and diversification of the Nigerian economy by promoting non-oil exports.
It will also provide access to resources and technology findings and foster innovation and competitiveness of the country’s economy, he said.
Kayode said the port was important in international trade because a seaport is the nerve of foreign trade of a country.
“Port development not only accelerates the rate of international trade but also acts as a catalyst to employment and revenue effects.
“In advanced countries, governments are continually championing efficiency of procedures and operations of their ports by removing bureaucracy and administrative bottlenecks thereby reducing cargo dwell time and transaction cost.
“The efficiency effects have facilitated export and import trade in countries that have effectively implemented targeted port reforms,’’ he said.
Kayode said that Nigeria’s port remained one of the most expensive and cumbersome to conduct transaction in the world due to the inherent bottlenecks and complication of procedures.
He acknowledged the on-going reforms initiated by the port authority, saying such upgrade has cut across into Information and Communication Technology infrastructure, as well as business process re-engineering.
In the meantime, over 200 Chinese mining companies may have declared interest to massively invest in Nigeria’s mining sector.
It was believed that this wad sequel to the Minister of State in the Ministry of Mines and Steel Development, Bawa Abubakar’s visit in September, alongside a Nigeria’s delegation to the China Mining Conference in China.
During the conference, Nigeria and China organised the second Cino-Nigeria Summit to showcase Nigeria’s mineral potentials.
“We got this huge number of investors through a website set up as Cino-Nigeria Finance Alliance Group during the summit”, indicated a Ministry source.
”The first edition of Cino-Nigeria investment cooperation started last year in china but the 2017 edition was a huge success for Nigeria because of the large number of investors that declared interest to invest in the Nigeria mining sector,” the source said.
The source said the ministry, elated by the feat, had stepped up arrangements to receive the investors before the end of the year, to enable them to begin necessary steps towards investing in the sector.
It said that the feat was also part of the ministry’s strategies to promote the mineral potentials of the country and further create employment for the population.
The strategies are also designed to ensure that the mining road-map is adequately implemented to contribute five to 10 per cent to the Gross Domestic Product (GDP) of the country.
