The Federal Government has promised renewed investment in the power sector as a way of boosting ease of doing business in the country.
Speaking on the second day of the three-day 2022 Equipment and Manufacturing West Africa Expo (EMWA), held in Lagos State, Minister of Power, Abubakar Aliyu, said government would up its investment in power infrastructure to make the country attractive for business investments.
The three-day event is themed, ‘Rethinking manufacturing and value chains for inclusion and sustainability.’The minister, who was represented by his Special Adviser, Technical Services, Mr. Kingsley Odoh, said the theme of EWMA 2022 conference was a welcome development, especially at a time when the country is yearning to diversify its sources of revenue to achieve growth and sustainability.
He said the government is investing relentlessly in power infrastructure “to assure our teeming partners that Nigeria is ready and open for business. We have proven this by going to France and Dubai twice to attract investors. The government is resolute in bringing investment particularly to Nigeria.”
He announced that the national grid would get 2,000MW by September when the Siemens power project installation would be done, noting that there are two parts of the project: the onshore that will take place in Nigeria and the offshore that will take place overseas.
According to him, while Siemens would remain in charge of design and manufacturing of equipment, including control panels and mobile substations, the contractors would handle logistics, transportation, storage, as well as procurement and substations upgrades.
Earlier, Minister of Industry, Trade and Investment, Adeniyi Adebayo, said the Federal Government was developing policies to support and assist in industrial production of goods across the country.
Speaking at the opening ceremony on Tuesday, Adebayo said implementation of the Import Duty Exemption Certificate (IDEC) is carefully targeted at ensuring local equipment manufacturers and fabricators are protected and made competitive.
Under the IDEC, the government, through the ministry, grants incentives to local manufacturers to import machinery and equipment that are not fabricated locally, at zero per cent, as a way of cushioning the effect of high cost of production for commodities, goods and services.
He further listed the Cement Industry Policy, Nigeria Sugar Master Plan, Nigeria Automotive Industry Development Plan, Cotton Textile and Garment (CTG) Policy, and Leather and Leather Product Policy as some of the existing policies that support manufacturing across the country.