Mechanical Engineers Tip Local Content as Panacea to Inflation, Foreign Exchange Pressure

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Some Mechanical Engineers have reiterated the significant roles that Small and Medium Enterprises(SMEs) and local content could play in addressing consumption inflation and foreign exchange pressure in Nigeria’s economy.

While highlighting the impacts of SMEs on economy at the Inauguration of Engr. Wole Ayanrinde as 9th Chairman of Nigerian Institution of Mechanical Engineers(NIMechE), Ibadan Chapter,

Experts at the event noted that SMEs and local content would foster economic growth and job creation.

The Inauguration had the theme “Local Content, SMEs, and Mechanical Engineering: Panacea for Consumption Inflation and Foreign Exchange Pressure in Nigeria’s Economy

The Rector, The Polytechnic Ibadan, Prof. Kazeem Adebiyi, in a keynote address, said promoting local content not only drives economic growth and job creation but also enhances skills development leading to sustainable development outcomes for Nigeria.

Prof Adebiyi who was represented by NIMechE Chairman, Ogbomoso Chapter, Engr.Lateef Mudasiru, said growth of local content, the encouragenment of SMES, and the innovation of mechanical engineering are essential to solving inflationary consunmption and pressure on foreign money.

“Nigeria may achieve sustainable economic growth and lessen its reliance on outside shocks by boosting domestic production, creating a favourable business environment, and boosting the competitiveness of SMEs.

“Collaboration between the public and commercial sectors is necessary to establish supporting policies and programmes that assist the expansion of local enterprises and foster economic resilience, “he said.

Also, a guest speaker, Engr. Wale Adediran, a fellow of NIMechE, charged mechanical engineers to collaborate with other professionals to achieve similar goals to the Oil and Gas sector local content act, in the manufacturing sectors

Adediran added that locally sourced materials should be exploited to provide energy, heating, boiling and other manufacturing proces and semi- processing, to conserve foreign exchange earned, and boost foreign exchange earning on processed export products.

“Our institutions should collaborate with tertiary Institutions for developmental research and with MSMEs fabricators/inventors for EXPOS, conference and exitibitions, “he said.

In his acceptance speech as Chairman in Ibadan, Engr. Wole Ayanrinde, a fellow of NIMechE, promised to expand institution’s membership networks by reaching out to aspiring engineers, students and professionals through targeted initiatives that would create sense of belonging among members.

“Our administration will ensure that our members are equipped with requisite knowledge and skills to meet the evolving needs of the 2Ist Century

“We will seek collaboration opportunities that leverage the collective expertise and resources of various stakeholder’s partnership with other institutions, industries and academia to tackle challenges, “he said.

On his part, the immediate past chairman, Engr. Victor Ogunranti, a fellow of the institute, urged the new executives to be team players and be able to harness members strength to get results.

Ogunranti advised new chairman to incorporate elders of the institute his programmes for corrections and advise when necessary.

The Inauguration also featured presentation of awards and recognitions to veteran engineers for their contributions to the development of science and technology in Nigeria.

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