A new business environment is being created.One of transparency, commitment and productivity.A rejuvenation that accelerates the attainment of industrial status for the nation’s economy.Government is setting up practical standards that would transform domestic technology into a world class.
The challenge it brings, is to create, where there is an obvious absence, a climate for entreprenuers to take, seriously, the option to acquire technology and to transfer it to local partners productive activities.
The National Assembly is currently deliberating on the local content bill.When passed and assented to, as law, by President Yar’Adua, it would give verve to the effort geared at enforcing a strict adherence to the policy.
While government is re-organizing the regulatory and monitoring agencies for effectiveness and efficiency in their roles, a review of the tarrif regime on essential goods and services is also on-going.These are identified indicators needed to establish local industries and encourage them to expand.
Attractive incentives are being articulated to encourage local hybrid centres of excellence and to improve relevant local infrastructure towards capacity building.
Deserving local industries are said to be receiving the encouragement to set up,with demonstrable ability and commitment, an investment that is long term,to create huge economic opportunities.Government is now willing to assist local companies to access affordable funding for contract implementation as well as to review tax and royalty regimes.
Local Content Benefits
Local entreprenuers are chided to be adventuristic in their investment undertakings, to dare the odds,break the wind and begin the production of local goods that meet the consumption needs of both local and international markets.
The more creative the ideas they develop become, accompanied with the investors’ confidence, the more likely the success they could make.There are greater economic prospects local entreprenuers can charge at, to break the total dependence on the foreign technology, especially the challenge, technology transfer had posed.
It is because technology and technical expertise dominates modern business environment,globally,Nigeria is diving out of the deep waters.A countrry should be a producing economy to be relevant,producing goods and the machinery.The operating firms should be value creating outfits.Not only in the commercial market but in its staff constitution.
How much of what is lost can the staff regain? Of the years, time, skill and relationship.This is a petinent concern.But firms must replenish the resources of the worker.Of course, a firm and the country are known for what they produce.
Providing local workers requisite technical training and capacity can increase their productivity.The continious and substantial investment in local capacity builds a workforce competence, increase technical experience and create a national pool of professional that can hold their horns in the international market place.