•Says his administration tackling with boldness, decisiveness manufacturers’ challenges
•Highlights access to low-cost capital, multiple taxation, infrastructure issues, FX scarcity, export obstacles, among impediments
Deji Elumoye, Ndubuisi Francis and Emmanuel Addeh in Abuja
President Bola Tinubu told Nigerians yesterday that he was aware of their current pains, but assured that they were only temporary hardships meant to birth permanent gains.
Speaking at the opening ceremony of the 2023 National Engineering Conference in Abuja, Tinubu stated that the ongoing reforms were meant to secure the future of Nigeria.
He was represented by Vice President Kashim Shettima at the conference, themed, “Re-engineering the Manufacturing Sector for Competitiveness and Enhanced Economic Growth.”
Tinubu stated at the programme organised by the Nigerian Society of Engineers (NSE) that Nigeria’s problem was not its huge population, but inability to harness the potential of its vast population of young people.
He stressed that Nigeria had the potential of becoming a $1 trillion economy, adding that he intends to prioritise job creation, access to capital for small and large scale businesses, adherence to the rule of law, and the fight against hunger, poverty and corruption.
The president underlined the importance of the engineering profession in any nation, and said national growth and development could not be attained without the contributions of the various facets of the engineering.
According to him, “The renewed hope agenda of the present administration is defined by our commitment to unleashing our country’s full economic potential by focusing on job creation, access to capital for small and large businesses, inclusiveness, the rule of law and the fight against hunger, poverty and corruption.
“Nigeria has the population and the resources to be a trillion-dollar economy within the next decade. However, we cannot achieve these ambitious targets without recognising the critical importance of the key elements embodied by the theme of this conference, including manufacturing, competitiveness and economic growth.
“Some people view our population of over 200 million people as an obstacle to our economic development. I beg to vehemently disagree. What I see is tremendous potential and opportunity as the largest black population on earth and in Africa and with a median age of 19.”
Tinubu said Nigeria possessed not only a large pool of industrial and engineering expertise, but also a huge market for any product manufactured within the country. But the challenge before the country, he argued, was to change the large population to one of the greatest national assets the world had ever seen.
The president told the engineers that they had a responsibility to work with the government and with all stakeholders to jointly chart a path to true and lasting prosperity for Nigeria by harnessing the immense opportunities in the country.
He stated, “I once again offer you my solemn commitment to providing the enabling environment for every policy, legislation and action required for this to happen. During the campaign period, and inauguration of the present administration, I had engagements with stakeholders across the Nigerian manufacturing sector.
“We are very much aware of the problems and challenges that are uppermost in your minds: access to low-cost capital, challenges of multiple taxation, issues of infrastructure deficits, foreign exchange, export obstacles, amongst others.
“I’m happy to let you know that we are tackling with unprecedented boldness and decisiveness each and every one of these issues.”
In the area of taxation, Tinubu highlighted the setting up of the Presidential Committee on Fiscal Policy and Tax Reform, which was inaugurated in August. He stressed that the body had already submitted its interim report and was working on the next part of its mandate.
Tinubu said, “Our goal is to increase Nigeria’s tax revenue while also reducing the burden on individuals and businesses. It might sound like a contradiction, but it is not. By streamlining the number of taxes, introducing greater efficiency and blocking the loopholes, we can and will deliver less burdensome tax regime to businesses and employers of labour.
“In the foreign exchange market, we have abolished an unwieldy and much abused rates regime, setting the foundation for transparent prices and all of the other elements required to attract substantial inflows into a properly run official market.
“In infrastructure, we are supporting the states with seed financing for transformation and infrastructure fund. In addition to this, the petrol subsidy reforms have led to dramatic increases in subnational revenues, which means the states have more resources to invest in infrastructure and other critical areas.”
On access to capital, the president said he had directed the creation of a new single-digit interest rate fund to provide N75 billion to support manufacturing enterprises.
He stated that the Central Bank of Nigeria (CBN) was now under a new management and was reprioritising its mandates of inflation management and exchange rate stability.
Tinubu said, “If you look closely at the supplementary budget, you will find that it was designed primarily to support targeted interventions and initiatives that will cushion the effects of the temporary hardships caused by our much needed economic reforms.
“I will again seize this opportunity to remind all Nigerians that I’m not unmindful of the hardships being faced by many in these difficult times. They are, indeed, temporary, but the benefits will be permanent.”
Senate President Godswill Akpabio, who was represented by Ikechukwu Ugwuegede, an engineer and former commissioner, said the manufacturing sector had played a crucial role in the progress of Nigeria.
Akpabio stated that in spite of the progress, the technological gap between Nigeria and the developed world was widening.
“Unfortunately, it may continue to widen, until we come to the realisation that he who starts a race late will forever remain behind, except he runs faster than those who started earlier.”
Speaker of the House of Representatives, Tajudeen Abass, said the intersection of engineering and governance was particularly significant in Nigeria’s pursuit of sustainable growth and development.
Abass said, “The federal government’s integrated infrastructure master plan, launched in 2020, envisions investment of $2.3 trillion over the next 23 years, to bridge Nigerians infrastructure deficits.
“This ambitious undertaking underscores the critical role of engineering in addressing the nation’s infrastructure needs and laying the foundation for its economic prosperity.
“However, the success of this grand plan hinges on the convergence of engineering expertise with effective governance. Infrastructure development is not merely about constructing roads, constructing bridges, and power plants. It is about creating a holistic ecosystem that fosters economic productivity, enhances social wellbeing, and promotes environmental sustainability.”
Earlier, President of NSE, Tasiu Gidari-Wudil, described the conference as the largest convergence of Nigerian engineers annually. Gidari-Wudil bemoaned the continual decline of activities in the manufacturing sector. He explained that transformation of the manufacturing sector was critical in driving economic growth, as it stimulated innovation and provided the roadmap for development.
The governor of Nasarawa State, Abdullahi Sule, also stated at the occasion that if Nigeria must develop, it had no choice but to embrace manufacturing.
Highlights of the event included the conferment of NSE’s Fellowship on Shettima; Minister of Niger Delta Development (MNDD), Abubakar Momoh; and Sule, among others.
While Shettima was conferred with NSE’s honorary fellowship, Momoh and Sule bagged the full Fellowship of the society (FNSE), both of them being trained engineers.
Gidari-Wudi said the honour was conferred on the recipients because of their contributions to the engineering profession and the country, at large.
Expressing appreciation for the honour, Momoh, who holds a Master’s degree in chemical engineering, said, “I feel very glad because it is a recognition from our professional colleagues, which is an indication that the little effort that I have made in the past is very well recognised.
“I am, indeed, very glad that this recognition will spur me to do more and, particularly, when we now find ourselves in the Ministry of Niger Delta Development, where we also collaborate with the Nigerian Society of Engineers in order to mitigate the effect of climate change in the region.
“As an engineer, I expect those handling our projects at the ministry to give us the best because that is what the people of Niger Delta and Nigerians deserve. We will also interface with other agencies and other ministries who have one thing or the other to do in the Niger Delta.”
Momoh added, “Being an interventionist ministry, we have to intervene in so many areas and in collaboration with so many ministries because most of the activities of the ministry are also domiciled in other ministries and agencies.
“For instance, if you talk in terms of road network, the ministry of works is there. If you’re talking in terms of youth restiveness, the presidential amnesty programme is there.
“If you are talking in terms of blue economy, which, of course, traverses the entire Niger Delta region, the ministry is there. We intend to work together and in collaboration make sure they the region is better for it.”
Commenting on the NSE fellowship conferment on Momoh, a former member of the House of Representatives, Hon. Abdul Oroh, said, “We have known the honourable minister for many years as a distinguished engineer. In fact, most people call him engineer because they don’t know his name.
“We are happy that now, he has reached the peak of his professional attainment. He is a great manager, a leader, a great politician, a thoroughbred professional and a very dependable person – if he says yes, you can take his words to the bank – he is very dependable.”
Similarly, Hon. Patrick Ikhariale, also a former member of the House of Representatives, said, “A great honour has been done to my friend and brother, Engr. Abubakar Momoh. It shows a very competent engineer that he is and we are very happy for this because this is a man that we can say with all sense of responsibility has been very disciplined in his profession.
“He has done so well that it is not surprising that the Nigerian Society of Engineers has deemed him worthy and fit to confer him with a fellowship today.”
Chief Emmanuel Iwuayanwu, Chief James Ibori, Iyiola Omisore, and several other dignitaries were present at the event.
