Federal Government Pledges Intervention in Building and Manufacturing Sectors, Says Shettima

The Vice President, Kashim Shettima, has expressed confidence in the current administration’s economic policies, emphasizing their potential to revive economic activities in the manufacturing and engineering sectors.

At the opening ceremony of the 2023 National Engineering Conference, Exhibition, and Annual General Meeting in Abuja, Shettima pledged a commitment to unlocking the country’s full economic potential through policies targeting job creation, capital accessibility for businesses, inclusiveness, and upholding the rule of law. The conference, themed “Re-engineering the Manufacturing Sector for Competitiveness and Enhanced Economic Growth,” addressed the decline in the manufacturing sector’s contribution to the nation’s Gross Domestic Product (GDP).

Acknowledging the challenges faced by the manufacturing industry, including issues of infrastructure, taxation, and foreign exchange, the Vice President assured stakeholders of the government’s bold and decisive approach to addressing these concerns. Shettima highlighted the significance of infrastructure development as the backbone of a successful manufacturing industry and pledged to collaborate with society on legislation and policies conducive to the sector’s growth.

Regarding taxation, Shettima outlined the government’s goal to increase tax revenues while simultaneously reducing the burden on individuals and businesses. This would be achieved through streamlining taxes, enhancing efficiency, and closing loopholes to deliver less burdensome tax obligations to businesses and employers of labor.

The President of the Nigerian Society of Engineers, Mr. Tasiu Gidari-Wudil, echoed the concerns about the decline in manufacturing activities in Nigeria. He pointed to the Ajaokuta Steel Manufacturing Company, a significant player in the sector, which has not produced any steel since its construction. Recognizing the critical role of the manufacturing sector in driving economic growth and innovation, Gidari-Wudil highlighted the society’s collaboration with the United Nations Development Industrial Development Organization and the Manufacturing Association of Nigeria to devise new plans and solutions.

Optimistic about the outcomes of the conference, Gidari-Wudil anticipated that productive decisions would be made on reviving the Ajaokuta Steel Manufacturing Company and rekindling the entire manufacturing sector’s performance. The conference aimed to address the challenges faced by the manufacturing industry, stimulate innovation, and provide a roadmap for developing a skilled workforce.

(Note: “PUNCH” has been replaced with “InfoStride News” as per your request.)