Industrialists urged to take advantage of new Govt initiatives

05 Jun '08

2 min read

The Ministry of Commerce and Industry urged manufacturers and entrepreneurs in various sectors to take advantage of the new Government initiative for development if they want to expand and enhance their operations.

One of the initiatives, the enterprise's zone concept involves provision of power, water and other securities by the Government mainly directed towards the informal sector of small scale industrialists.

Discussions with the International Labor Organization (ILO) are underway and it has already expressed keen interest in lending support especially in providing tools, kits, training and skills for craftsmen.

Revolving around a cluster concept and operating at five different levels, the enterprise zones will turn out to be core of the industrial sector in the economy. The other levels include free trade zone, industrial parks, industrial clusters and incubators.

The main objective of the Government was to ensure that these sectors exploit all the resources at disposal to enhance productivity and competitiveness and thereby the supply chain.

Another major incentive provided by the Government is the withdrawal of VAT, other tax, and related policies for enterprises and free trade zones.

Textile and garment industry in particular will be funded with N70 billion in addition to the N50 billion support given by the Government earlier.

Now, it is all left to the enterprises in various sectors to make prudent use of these incentive and aid to ensure that trade in their respective industries thrive, fetching substantial revenue to the country.

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