FG Lauds Firm’s Investment in Import Substitution, Value Addition
The Federal Ministry of Industry, Trade and Investment has commended Secure ID’s investment in sim card production, noting that this move by the company would go a long way to save Nigeria’s hard earned foreign exchange spent on products it has the capacity and potential to produce locally.
The Minister, Industry, Trade and Investment, Dr. Okechukwu Enelamah, explained that the company is an intersection of three key sectors that is vital for the nation’s development effort while also commending the firm for adding value to the nation’s resource endowments in the production of the sim cards.
Enelamah during the commissioning of Secure ID’s new sim card manufacturing line, said the fact that the company is also doing export is commendable, maintaining that with the current scarcity of foreign exchange in the country, companies such as Secure ID can help to earn foreign exchange for the country.
In his words, “I want to commend the company’s entrepreneurial vision, drive and zeal to make this investment and we need more of these companies.
As a country and as a government, we must support more of our entrepreneurs to pursue their dreams and realise it. This is the only way Nigeria can reach its full potentials. Nobody doubts the zeal of an average Nigerian, it is the environment and how challenging it can be that can often get in the way. I can truly say that this company is world class and to make the investment, continuing to upgrade and improve on it over time, it is something to be celebrated.”
”This shows that these things can be done in Nigeria if we provide the right support and I want to assure you that we will continue to support you to produce more and more here locally. Both in terms of jobs, import substitution and the value added process. The fact that the company is also into export is commendable, because one of the biggest challenges we have as a country is the foreign exchange situation where our supply is limited and we plan to increase the supply thorugh export,” he added.
He said the present administration is looking to partner with the private sector to realise its vision and goals for the country in areas of diversification, job creation and industrialisation.
“We have to build this relationship in a practical way by understanding what companies are actually experiencing , understanding what they will need to do better and what it will take for them to be worldclass, I believe Nigerians do well when they are given the enabling environment .
One of the most important thing we have to get right is creating an enabling environment, the right investment climate, business climate, ease of doing business for the private sector and the Nigerian business community. We are seriously committed to doing everything possible to creating the right enabling environment,” he stressed.
He commended the Bank of Industry (BOI) for its role in financing industrialisation, reassuring the bank of its full support to assist in the nation’s quest to industrialise. “We know financing is a major component of industrialisation and I can assure you that we are going to be backing the likes of BOI and other Development Finance Institutions (DFI’s) to have more of the resources they need to support manufacturing in the country,” he added.