The federal government through the Ministry of Industry, Trade and Investment (MITI) has launched the Backward Integration Programme” Certificate (BIPC). The BIPC is an initiative designed to accelerate growth in the industrial sector.
A total of 9 firms were awarded a BIPC, based on their contributions to industrial development in the country: EMCO Foundry Works, Innoson Vehicle Manufacturing Company Ltd (IVM), Mikano International Limited and MOJEK.
Others were MOMAS Electrical Meters Manufacturing Company (MEMMCOL), Nigerian Foundries Limited, NIJI Group, PROTOGY and UNIKEM.
Expressing his pleasure during the launch, the Honourable Minister, MITI, Otunba Niyi Adebayo (CON) stated that the introduction of the BIPC by the Ministry will ensure that companies, especially Complete Knocked Down/Semi-complete Knocked Down assemblers key into the backward integration programme.
Accordingly, the initiative will stimulate local production and identify bonafide processors, assemblers and manufacturers. It will also improve the ease of doing business in the industrial sector by engendering a coordinated approach to industrialisation, the Minister said.
The launch witnessed the presence of stakeholders from relevant government agencies including 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 captains of industry.
In his reaction, one of the recipients of the certificate, Mr Innocent Chukwuma, CEO Innoson Group stated that BIPC will serve as encouragement to investors willing to invest in the country.
Another recipient, Mr. Kola Adeniji of Niji Groups stated that the certificate is timely and well-articulated by the Ministry. He explained that the programme reposed the confidence of investors in government.
Mr. Rasaq Okulaja representing the President of MAN expressed his delight in the Ministry’s new initiative and applauded the classification of industries based on their activities across sectors of the economy.