The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo CON, has stated that the World Economy will perform better under a well-structured environment, hence the need to adopt an integrated approach in the matter concerning Industrial Development in order to overcome low productivity and competitiveness in the Industrial Sector.
Adebayo disclosed this at a Zoom meeting for official launching of the Assemblers/Manufacturers’ Backward Integration Certificate (BIC) held in his office in Abuja.
Adebayo explained that the launch of the BIC is designed to accelerate growth in the Nigerian Industry and to further deepen the ease of doing business in the sector. Adding that the Federal Ministry of Industry, Trade and Investment is implementing the Nigerian Industrial Revolution plan (NIPR), which is the Nation’s Industrial Development Road Map of the Economy.
“In order to make meaningful impact; the Industrial Policy must be complemented with monetary and fiscal policies, for that reason the (BIC) is designed in such way that granting monetary and fiscal incentives and certificate will be used as a pre-requisite to determine Industry that qualify for the incentives” He added.
The Minister Further said that, the Ministry has adopted systems that will fast track the process of complete knock down (CKD/SKD) regime for genuine investors to access Government incentives in line with global best practices and to this end, “the issuance of the BIC for Processors/Assemblers/Manufacturers has become necessary”.
The BIC will be issued to Industries that have committed to its principle by utilizing as much as local input as possible for their production. He however, emphasized that the introduction of the certificate will ensure that industries especially CKD/SKD Assemblers into BIP as well as stimulate local production of components by utilizing our local resources.
It will also facilitate the grants of fiscal incentives and every activity geared towards the ease of doing business; identify bona fide Processors, Assemblers/Manufacturers by encouraging a coordinated approach to Industrialization.