Dr. KolaJamodu, former Minister of Industry has urged the Federal Government to reduce import tariffs on plants and machinery to strengthen the nation’s manufacturing sector.
He gave the advice during the 12th convocation of the BellsUniversity of Technology, Ota, Ogun State where he was honoured with the awardof Honorary Doctorate Degree, Doctor of Science (D.Sc) Honoris Causa.
He implored the government to provide additional supports for the manufacturing sector to reinvent the ailing economy,adding that the development remains the only solution that could provide job opportunity for youths in the country .
He recalled that during his tenure as the Minister of Industry under the regime of former President Olusegun Obasanjo hindrances were removed for cement manufacturing and other industries to take a sound footing in the country.
“Tariffs on Plant and machinery at that time was high and these were items we don’t produce in the country and it is not economically viable for anybody to produce it. What did we do? It was reduced to 5 per cent not only that it was decided it would be for a period of four or five years to measure its effect on manufacturers or whoever wants to go into manufacturing. The number of manufacturers that embraced this was overwhelming and this brought about machine refurbishment and increased capacity as it maintained and sustained installed capacity,” he said.
He commended Chief Olusegun Obasanjo for his support for thmanufacturing sector in the country, saying that tariffs must be reduced or removed to make Nigeria a manufacturing hub
“Remove the tariffs if you want this country to be truly a hub for manufacturing. Let us remove or reduce tariffs or what is called a customs duty. Let us look at Customs tariff and what we are paying on several items that could take us to self-sufficiency,” Chief Jamodu added
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