The Minister of State for Industries, Trade and Investment, Senator John Owan Enoh has challenged industries operating in the country to upgrade their facilities in order to benefit from incentives put together by the Federal Government.
Enoh threw the challenge on Wednesday in Ikom, Central Senatorial District of Cross River State when he inspected Ikom Cocoa Processing Factory.
Also, he charged management of Ikom Cocoa Processing Factory to expedite action in the area of facility upgrade according to international standard, to attract federal government support.
The Minister however noted that so far, the facility at the factory was “good,” but advised management of the company to carry out an upgrade that will meet international standard and which will attract federal government ‘s intervention.
“My mandate is to champion industries , goods, processing of raw materials.
“This facility represents the first real attempt. The company which has this facility was concessioned to write to my ministry, calling for collaboration and for public private partnership.
” In most of the international conferences I have attended, in and outside the country, I have actually put in front the issue of cocoa processing.
“I mean that’s why I am here just to find out what is happening .
“As I sit on the side of government as minister of industries, I also want to be sure that as I am advising the government, that is the way we all have to go.
“I want also be sure that we have enough cocoa that can feed the industries in a manner that we don’t have some sort of challenge in the cocoa value chain.
“I need to be sure that we have a factory in Ikom that is fully functional, an industry that have capacity to absorb cocoa that can no longer be taken out of Ikom. Those are the things we need to work towards.
” If you work hard and work honestly, I can assure you of assistance. Within the ministry of Trade and investment, there are incentives that government has put in place.
” Since I became minister of Industry, Trade and investment, I have signed hundreds of approvals for import Duties Exemption Certificates (IDEC.) for companies like yours that may want to import machinery for the purpose of their work. The ministry grants you exemption.
“There are things you don’t pay. There are incentives in place . One of the agencies that is directly involved is under my mandate, the bank of industry.
“I just completed a tour of industries in the south west , industries upon industries.
“I found Managing Directors of industries and manufacturing companies telling me to thank bank of industry because of the support they provided for them.
“It is important you have a business scheme that will be attractive enough to provide funding support from Bank of industry as it still gives loans at single digits interest rate.
“If you think that commercial bank will give you loan at 35 percent interest rate, bank of Industries do that at below 10 percent.
“If you have an opportunity to benefit from that, I see no reason why it will be difficult to benefit.
“We need to work very hard and ensure that we have a fully functional cocoa processing industry. It is very important for us to work together.
“It is very important for your team and the team in the ministry to work smart and see how we can make this factory functional,” the Minister said.
Reacting, Managing director of AA Universal Bean $ Co Ltd, Chief Chris Agara assured the minister of the firm willingness to upgrade facility of the firm to international best standard, expressing optimism that soon, the firm can fully kick off operation.
