#Nnewi Investment Summit:We have to get our Manufacturing Sector back on track
~ Engr Azubogu

By Ikechukwu Emeka Onyia

...Says Direct Domestic Investment (IDD) capacity of the State is yet to get the needed support,Calls for an Industrial Policy that will wake over 100 dead Manufacturing companies within the Nnewi hub and beyond

Hon Engr Chris Emeka Azubogu made the statement during the just concluded Nnewi Investment summit.

The Anambra born Federal lawmaker, stated that they are striving to get the Manufacturing Hub back on track which he said centres on integrated industrial policy which he said Government is yet to play it's expected role especially as it concerns Nnewi Manufacturing sector .

Engr Azubogu while speaking during the visit to the Traditional Ruler of Nnewi, Igwe KO Orizu, by the delegation as part of 'Nnewi Investment Submit' that includes SA to President Buhari on Ease of Doing Business, Anambra State Govt Representatives, a strong delegation from Ford Foundation , etc, stated that ;

"We had about 150 Manufacturing companies within Nnewi Cluster alone before now, but today only 40 surviving companies that are Manufacturing below their expected capacity and this is worrisome" he said .

The University of Nigeria,Nsukka trained Engineer, Azubogu during the Submmit, stated that Nnewi Manufacturing/Industrial hub is driven through neglected Direct Domestic Investment (DDI), merely from indigenous Investors with little or no government support.

"Nnewi Industrial/Manufacturing hub was a product Direct Domestic Investment (DDI) and not a creation of 'Government's Industrial Development Policy'. Today,many of these Manufacturing companies are out of business of productions due to lack of policy protection from the government towards this only surviving Indigenous Manufacturing hub in Nigeria" he said .

On power issue, the man many calls 'Mr Project', Azubogu said ;

"As of today,from the energy audit we did through 'REA' for Nnewi Economic Cluster, shows that Nnewi Industrial hub needs immediate 50megawatts,and this this is even because many of the Manufacturing firms are closed down and the number now reduced "

Azubogu said that at full capacity, Nnewi Industrial Hub will need 150megawatts of power to operate at maximum capacity and coverage .

"At full operational capacity, Nnewi Industrial hub will take over 150megawatts " he said .

The 2021 Anambra governorship frontrunner, Engr Azubogu also stated that the drive to deliver energy that will take care of the Industrial cluster is of Paramount importance to him.

"We have to generate power, a sustainable, affordable and clean energy that will drive our Manufacturing sector" he said .

Competitive edge ...

The Special Guest of Honour at the Summit,Hon Azubogu also added that " we have to Identify the Infrastructural needs and brainstorm on how to bridge them in order to attract the needed investments.

The Government at all levels especially the Federal Government should see the urgency in putting together policies that will drive the Nnewi Industrial Hub and granting Nnewi full Economic zone status will help the country to solve so many problems" he said .

Nnewi Investment summit that was organised by TBWA Concept with the support of Ford Foundation, saw the likes of SA to the President on Ease of Doing Business,Dr Jumoke Oduwole, Prof Kingsley Mughalu, Deputy Governor of Anambra State, Mr Nkem Okeke with other stakeholders coming together in search of the way out on issues surrounding Nnewi Economic Cluster.

As part of the program of event , stakeholders present at the Summit also toured some of the Manufacturing companies within Nnewi.

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