Leadership (Abuja)
Rilwanu Shehu
12 November 2008
(Page 2 of 2)
The Ministry of Commerce, Industry, Cooperatives and Tourism Development, like similar ministries across the country, has the responsibilities of providing and directing the implementation of government policies towards the promotion of industrial activities and development. Unlike other ministries, however, it goes the extra mile to attract investors by providing them the relevant information on investment opportunities and incentives they stand to enjoy.
The Directorate of Small-Scale Industries, one of the unique innovations of the state government, was created in 1988 to promote small-scale industries. Its main functions are to provide loan facilities for the establishment of viable small-scale industries, procure machinery/equipment and find suitable market outlets for the promotion of small-scale industries.
The educational institutions, on the other hand, assist the state in the industrialisation process by giving technical and consultancy services to would-be industrialists and entrepreneurs. They also provide training facilities for the state and the private sector.
The Bauchi Investment Corporation is quite central to this discussion because it has the primary responsibility of stimulating industrial growth and investment in the state and the nation in general. Established during the indigenisation exercise of the 1970s, the corporation was originally aimed at transferring to Nigerians the ownership and control of the economic interests and establishments hitherto dominated by foreigners. It began with an initial capital of three million Naira, which was raised to N10 million in 1986 and further increased to 500 million Naira in 2005. And this recapitalisation effort has elevated the capacity of the corporation in terms of promotion of viable and profitable ventures in industry, commerce, agriculture and property development. It has also been able to fulfill its function of acquiring shares in publicly quoted and unquoted companies and creating an enabling environment for prospective investors in the state as well as partaking in investing in business ventures.
As a government agency responsible for policy implementation on industrialisation and investments, the Bauchi Investment Corporation, has attracted lending facilities from both local and foreign investors and served as a reference source or contact point for first time prospective investors in the state.
In recognition of its formidable role in the development of the state, Governor Yuguda has been consistent in his exploitation of the corporation along with the over a dozen industrial establishments in the state to fulfill his campaign promises of making Bauchi State a haven for investors. It is no wonder, therefore, that barely two years into his tenure, the governor has been recognised internationally as an investor-friendly governor.
Rilwanu Shehu is Special Assistant on Media to Governor Isa Yuguda
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