Minister of State for Industries, Senator John Owan Enoh has charged the management of Ikom Cocoa Processing Factory to expedite action to upgrade its facility, in line with international standards, in a bid to attract federal government support.
The minister gave the charge on Tuesday during an interactive session with the management of the factory in Ikom, Ikom local government area of Cross River State, shortly after inspecting facility at the factory .
Senator Enoh stated that although the facility at the factory were good, they still need to be upgraded to be able to meet up with future challenge, especially when the factory becomes fully operational.
He told the management that it is only when the facility is standardised that the factory can access numerous incentives of the federal government for industries.
“My mandate is to champion industries, goods, processing of raw materials. This facility represents the first real attempt . The company which this facility was concessioned to, wrote my ministry, calling for collaboration and for public private partnership.
“Most of the international conferences I had attended, in and outside the country, I had actually put in front the issue of cocoa processing.
“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 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 has capacity to absorb that 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.”
Senator Enoh added that since becaming the Minister of State, Industries, he has signed hundreds of approvals for import Duties Exemption Certificates (IDEC.)
“For company like yours that may want to import machinery for the purpose of their work, the ministry grants you exemption,” he stated, adding that “There are incentives in place.”
He further disclosed that one of the agencies that is directly involved offering such incentives is the Bank of Industry which is under the mandate of the ministry.
“I just completed a tour of industries in the South-West. 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’s important you have a business scheme that will be attractive enough to provide funding support with the 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 Industry does that at below 10 percent.
“If we have opportunity to benefit from that, I see no reason why we shouldn’t benefit from that. 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,” he stressed.
Managing Director of AA Universal Bean $ Co Ltd, Chief Chris Agara assured the minister of the firm’s willingness to upgrade its facility to international standards so that that organisation can fully kick off operations.
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