Bisola David
Vice President Kashim Shettima has stated that the current administration’s economic policies will resuscitate economic activity in the manufacturing and engineering sectors.
According to The Punch, in order to strengthen the fight against hunger, poverty, and corruption, he also committed to enacting policies that would maximize the country’s economic potential by fostering inclusiveness, the rule of law, access to capital for small and large enterprises, and the creation of jobs.
Shettima made this statement on Tuesday in Abuja during the opening ceremony of the 2023 National Engineering Conference, Exhibition, and Annual General Meeting.
The theme of the conference was “Re-engineering the Manufacturing Sector for Enhanced Economic Growth and Competitiveness.”
However, in his speech, the vice president acknowledged that the development of infrastructure continues to be the cornerstone of any successful manufacturing industry and pledged to collaborate with society on favourable laws and policies that will hasten the expansion of the manufacturing sector.
“We are very much aware of the problems and challenges that are almost on your minds,” he said. “Among these are difficulties with multiple taxation, infrastructure deficits, foreign exchange, export barriers, and low-cost capital availability.
“I’m pleased to inform you that we are addressing every issue with a level of audacity and determination never seen before. In terms of taxes, our objective is to lessen the burden on both individuals and businesses while simultaneously increasing Nigeria’s tax receipts. Although it might seem contradictory, it is not. by eliminating loopholes, increasing efficiency, and reducing the number of taxes.
“We are able to and will provide businesses and labour employers with less onerous tax obligations.”
According to the President of the Nigerian Society of Engineers, Mr. Tasiu Gidari-Wudil, the conference’s theme was inspired by the country’s manufacturing sector’s ongoing decline in activity.
“The largest manufacturing company in Nigeria, Ajaokuta Steel Manufacturing Company, has never produced a single length of steel since it was founded, making it the saddest story in Nigerian history.
“Realizing that innovation and economic growth are dependent on the manufacturing sector changing is essential.
“In order to create new plans and solutions, the society partnered with the Manufacturing Association of Nigeria and the United Nations Development Industrial Development Organization to provide a roadmap for producing a skilled labour force.”
Gidari-Wudil expressed optimism that by the end of the conference, decisions would be made that would help revitalise the manufacturing sector as a whole and the Ajaokuta Steel Manufacturing Company in particular.
