AGENDAWATCHDOG) – In its bid to boost the growth of the industrial sector of the national economy, the Federal Government, through the office of the Honourable Minister of Industry, Trade and Investment (MITI) on Monday, 14 September, 2020, inaugurated the Certificate of Backward Integration Programme (BIPC).
The BIPC was awarded to 9 firms , who had contributed immensely to the country’s industrial growth, such as EMCO Foundry Works, Innoson Vehicle Manufacturing Company Ltd (IVM), Mikano International Limited, MOJEK, MOMAS Electrical Meters Manufacturing Company (MEMMCOL), Nigerian Foundries Limited, NIJI Group, PROTOGY and UNIKEM.
According to the Honourable Minister, MITI, Otunba Niyi Adebayo (CON), during the inauguration ceremony, the introduction of the BIPC by the Ministry was meant to ensure that companies, especially Complete Knocked Down/Semi-complete Knocked Down assemblers, keyed into the backward integration programme.
Present at the launch were some prominent players from relevant government agencies such as the Federal Ministry of Finance, Budget and National Planning, Bank of Industry (BOI), Standard Organization of Nigeria (SON), Manufacturers Association of Nigeria (MAN) and some some captains of industry, as well as some recipients of the certificates such as Mr Innocent Chukwuma, CEO Innoson Group Mr. Kola Adeniji of Niji Groups and Mr. Rasaq Okulaja representing the President of MAN.
POTENTIAL IMPACT OF INITIATIVE: The BIPC initiative will activate local production and identify qualified processors, assemblers and manufacturers, improve the ease of doing business in the industrial sector by stimulating an organized methodology for industrialization. It will also attract potential investors to the industrial sector of the economy.